US Opening Bell | Nasdaq falls 1%; Baidu slides 9%, Micron 4%; Semiconductor selloff deepens

Market

August 18, U.S. stocks opened broadly lower as rising Treasury yields and an abrupt rout in chip names weighed on sentiment. The Dow Jones Industrial Average slipped 0.2%, the S&P 500 lost 0.5% and the tech-heavy Nasdaq Composite retreated 1.1% in early dealings.

Baidu tumbled 9.0% after a rare revenue miss, ARM Holdings fell 5.3% on a broker downgrade, Marvell Technology dropped 4.1% following a guidance cut, Micron Technology slid 3.9% on memory-price concerns, Advanced Micro Devices declined 3.2% amid profit-taking in AI plays, and Tesla Motors eased 2.1% after fresh Model Y price cuts in Europe. Apple inched up 0.6% on reports of strong iPhone 17 preorder trends.

Taiwan Semiconductor Manufacturing lost 3.2% as it delayed its Arizona fab timeline, Coherent sank 7.1% after warning of softer laser demand, Hesai Group fell 9.5% on potential U.S. import curbs, Himax retreated 5.3% on weak handset orders, and United Microelectronics slid 4.4% in sympathy with the broader chip downturn.

News

Micron Technology cuts sales forecast. The memory supplier trimmed its current-quarter revenue outlook by $500 million, citing soft data-center demand and heightened China export restrictions, pressuring shares by 3.9%.

Baidu misses revenue expectations. Advertising sales lagged consensus amid a sluggish domestic economy, sending the ADR down 9.0% and raising concerns over China tech growth.

ARM Holdings downgraded at major broker. Analysts flagged stretched valuation and looming lock-up expirations, knocking shares 5.3% lower.

Tesla Motors trims Model Y prices in Europe. The unexpected cuts stoked margin worries and dragged the EV maker’s stock down 2.1%.

NVIDIA faces tighter U.S. export rules. Reports of stricter Commerce Department limits on AI chip shipments to China weighed on the stock, off 2.3% in early trade.

Coherent issues profit warning. The laser and optics firm cited slowing datacenter orders, prompting a 7.1% share slide and sparking concern over tech hardware demand.

U.S. retail sales growth slows. A 0.2% July increase came in below forecasts, pointing to moderating consumer momentum and pressuring discretionary stocks.

Fed minutes signal higher-for-longer stance. Policymakers emphasized persistent inflation risks, reinforcing expectations that rates may stay elevated.

Oil prices retreat after OPEC maintains output. West Texas Intermediate fell 1.3%, weighing on Chevron and Exxon Mobil shares at the open.

Taiwan Semiconductor Manufacturing delays Arizona plant ramp-up. Construction setbacks push initial production to late next year, sending the ADR down 3.2% and raising supply-chain concerns for U.S. chipmakers.