Wall St Drops; SMCI Down 11%; Micron And TSMC Down 2%; Nvidia Down 1%

Market

June 10, U.S. stocks opened broadly lower as traders digested hawkish Fed messaging and fresh supply-chain headlines. The Dow Jones slipped 0.52% to 50,606.71, the S&P 500 shed 0.52% to 7,348.08 and the Nasdaq Composite fell 0.65% to 25,511.05, pointing to a cautious tone across major benchmarks.

Pop Culture Group Co., Ltd soars 105.6%, Hitek Global jumps 41.8%, Boqii Holding Limited rallies 29.4%, Quhuo spikes 26.9% and Applied Optoelectronics climbs 4.4% on deal and growth buzz. On the downside, SUPER MICRO COMPUTER INC falls 11.3% after a short report, Oracle drops 3.3% on soft guidance, Alibaba slides 3.0% amid China demand worries, Taiwan Semiconductor Manufacturing loses 2.1% on supply concerns and Tesla Motors slips 1.2% following fresh price cuts.

Elsewhere, Intchains Group Ltd. surges 9.6%, Datasea Inc. adds 8.7%, Lichen China Ltd gains 7.8%, Zai Lab Ltd advances 2.9% and Trip.com Group Limited rises 1.9% as investors rotate into selective China ADRs, while leveraged semiconductor ETFs lag broader benchmarks.

News

Pop Culture Group Co., Ltd announces AI entertainment pivot, shares surge 105.6%. Management unveiled a generative-AI content studio expected to launch this quarter, driving a surge in retail interest and liquidity.

Hitek Global wins large Chinese tax software contract, stock jumps 41.8%. The multiyear deal expands the company’s provincial footprint and is projected to accelerate top-line growth into double digits.

Boqii Holding Limited receives founder-led take-private proposal, rallies 29.4%. The board confirmed a non-binding offer at a significant premium, sparking merger-arbitrage buying.

Quhuo inks partnership with leading food-delivery app, climbs 26.9%. The agreement broadens last-mile logistics coverage and could enhance margins as order volume scales.

SUPER MICRO COMPUTER INC hit by short-seller allegations, tumbles 11.3%. A new report questioned revenue recognition practices; the company denied wrongdoing but volatility spiked.

Oracle issues cautious outlook, shares drop 3.3%. Management cited lengthening enterprise deal cycles and moderating cloud demand, prompting analysts to trim estimates.

Tesla Motors cuts Model Y prices again, slips 1.2%. The latest price adjustment aims to defend U.S. market share but renews concerns over automotive gross margins.

Taiwan Semiconductor Manufacturing delays advanced node expansion, falls 2.1%. Equipment supply constraints push back mass production timelines, pressuring broader chip sentiment.

Illumina reports strong early NovaSeqX demand, gains 2.4%. Initial orders from major research centers suggest upside to sequencing revenue projections.

Federal Reserve officials push back on near-term rate cuts, dampening risk appetite. Policymakers emphasized data dependence and a higher-for-longer stance, nudging Treasury yields higher and weighing on growth stocks.