Market
August 28, U.S. stocks opened mixed on Friday as investors weighed a resilient labor market against lingering rate worries. The Dow Jones rose 0.3% to 53,713, the S&P 500 inched up 0.1% to 7,737, while the tech-heavy Nasdaq slipped 0.1% to 26,514, reflecting cautious sentiment toward growth shares.
Decliners led early trading. Kaixin Auto Group dived 63.1% after a dilutive share sale, Antelope Enterprise Holdings Limited slid 39.5% on a wider quarterly loss, PayPal tumbled 14.0% on a profit-warning, Marvell Technology fell 7.7% after a soft revenue outlook, and UTStarcom lost 7.7% as investors rotated out of small-cap telecom plays. On the upside, Shengfeng Development Limited surged 13.3% on a major logistics contract, United Microelectronics rallied 8.5% on reports of a new 3-nm chip deal, Sunrise New Energy jumped 11.6% on expansion plans, KE Holdings Inc. climbed 5.6% after upbeat earnings, and Golden Heaven Group gained 6.9% in heavy volume.
Among broader movers, tech bellwethers Meta Platforms, Inc. added 0.8%, Apple up 0.5%, Palantir Technologies Inc. 0.5% higher, Microsoft 0.1% firmer, and Vanguard S&P 500 ETF 0.1% stronger in sympathy with the broader market. On the downside, NVIDIA eased 0.7%, Advanced Micro Devices fell 1.1%, and Intel retreated 1.5% as investors digested mixed signals in the semiconductor space.
News
Kaixin Auto Group announces $25 million stock offering, shares plunge 63%. The China-based EV dealer said it will issue new ADS to strengthen its balance sheet. Investors feared immediate dilution, sending the micro-cap to record lows.
Antelope Enterprise Holdings posts wider quarterly loss, stock craters 39%. Weaker building-material demand drove revenue down double digits and raised liquidity concerns. Management vowed aggressive cost cuts to stabilize operations.
PayPal slashes full-year profit outlook, triggering 14% sell-off. Rising competitive pressures and higher credit losses forced the payments firm to trim guidance. Analysts warned the reset could delay the company’s margin recovery plans.
Marvell Technology issues soft Q3 revenue forecast, shares drop 8%. Slowing cloud and enterprise spending weighed on chip orders, overshadowing an earnings beat. The company said AI demand remains strong but not enough to offset weakness elsewhere.
United Microelectronics secures 3-nm foundry deal with Apple, stock jumps 9%. Media reports said the Taiwanese chipmaker will supply next-gen iPhone processors, boosting long-term revenue visibility. The news fueled a rally across select semiconductor subcontractors.
KE Holdings tops estimates on robust China housing demand, up 6%. The online property platform delivered double-digit transaction growth and guided for stronger margins. Management cited policy easing as a tailwind for second-half sales.
Shengfeng Development wins nationwide logistics contract, soars 13%. The company will handle last-mile deliveries for a leading e-commerce firm, potentially doubling annual revenue. Traders cheered the expansion into higher-margin services.
Sunrise New Energy to expand lithium battery recycling, shares leap 12%. A new facility is expected to boost capacity by 50% and tap booming EV demand. The move positions the company as a key player in the circular battery supply chain.
U.S. consumer sentiment unexpectedly softens, supporting bond rally. The latest University of Michigan index edged lower, hinting at cautious household spending. Treasury yields slipped, easing pressure on rate-sensitive sectors.
Oil prices retreat 2% on demand worries, energy stocks under pressure. WTI crude fell toward $79 a barrel as traders weighed rising inventories and China growth concerns. Lower fuel prices could alleviate inflation but hurt integrated producers.
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