Market
August 22, U.S. stocks closed higher led by industrials and autos, as investors looked past mixed economic data to focus on resilient corporate demand. The Dow Jones Industrial Average rose 0.98%, while the S&P 500 and Nasdaq Composite each added 0.43%, snapping a two-day slide. Hopes that the Federal Reserve may be done raising rates and a rebound in big tech sentiment underpinned the advance, though volumes were light ahead of next week’s key inflation update.
Tesla energizes gainers; biotech and crypto plays also shine. Tesla (TSLA) jumped 5.14% after CEO Elon Musk teased progress on the company’s robotaxi rollout. Moderna (MRNA) vaulted 8.81% as its updated COVID and RSV vaccine data impressed analysts. Coinbase (COIN) climbed 8.20% alongside a rally in Bitcoin, while MicroStrategy (MSTR) gained 6.10% on fresh BTC accumulation. Palantir (PLTR) advanced 3.44% after winning a new defense contract. Broadcom (AVGO) rose 1.21% on AI chip optimism. On the downside, Alibaba (BABA) fell 8.59% as China’s regulators signaled tighter e‑commerce oversight, and Marvell Technology (MRVL) slid 5.57% following a cautious chip-demand outlook.
Chinese ADRs diverge as tech rebounds but property names slump. NetEase (NTES) rallied 6.98% on blockbuster game revenue, Futu (FUTU) surged 9.68% after reporting record client assets, and Cango (CANG) soared 32.10% on takeover chatter. Conversely, Daqo New Energy (DQ) dropped 9.35% amid weaker polysilicon pricing, while Recon Technology (RCON) tumbled 14.92% after issuing more shares. Intchains Group (ICG) jumped 19.53% on AI chip hopes, but Jianzhi Education (JZ) plunged 33.73% after flagging higher costs.
News
Dow member Boeing secured a $1.8 billion contract to build additional KC‐46A tankers. The Pentagon said the order extends production into 2028, supporting more than 12,000 U.S. jobs and boosting Boeing’s defense backlog.
Ford announced a temporary halt to F‑150 Lightning production due to battery supply constraints. Management maintained full‑year EV delivery targets but warned near‑term margins could face pressure.
Pfizer and BioNTech filed for FDA clearance of an updated COVID booster targeting XBB variants. The companies expect rollout ahead of the autumn vaccination season, potentially reviving flagging vaccine sales.
Alphabet’s Waymo gained approval to expand driverless rides in Los Angeles and on freeways. The permit sharpens competition with GM’s Cruise and could accelerate commercialization of autonomous mobility services.
Coinbase received preliminary court approval for a $100 million settlement over staking disclosures. The accord removes a legal overhang as the exchange seeks to broaden its product suite.
U.S. existing home sales fell for a fourth straight month, dropping 2.1%. Rising mortgage rates and limited inventory continued to suppress demand, though prices remained resilient.
United Airlines unveiled a $400 million investment in sustainable aviation fuel startups. The carrier aims to meet its 2030 emissions goals and expects long-term cost savings.
Nvidia said it will supply its next-gen Blackwell AI chips to Oracle Cloud starting next quarter. Analysts see the agreement reinforcing Nvidia’s data-center dominance despite a 0.97% share-price dip.
FTC opened a probe into TikTok’s data handling practices impacting U.S. minors. The investigation heightens scrutiny on parent company ByteDance ahead of an expected IPO of its e-commerce arm.
U.S. crude inventories fell 6.2 million barrels, sending WTI prices above $82. Energy stocks lagged broader gains as traders weighed tighter supply against demand concerns.
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