US Opening Bell | Nasdaq edges higher; Snowflake soars 33%; Semiconductors rally

US Opening Bell05-28

Market

May 28, U.S. stocks opened mixed as investors weighed fresh economic data and policy signals. The Dow Jones fell 0.53%, the S&P 500 slipped 0.02%, while the Nasdaq Composite inched up 0.09%, reflecting tech strength against broader caution.

Gainers led early action. Unusual Machines Inc rises 37.7% after unveiling a drone manufacturing partnership, Snowflake soars 33.5% on upbeat revenue guidance, 17 Education & Technology Group Inc. jumps 12.8% after announcing a strategic pivot to AI tutoring, Red Cat Holdings Inc. climbs 13.5% following a military drone order, ServiceNow adds 3.1% as new AI workflow tools debut, Micron Technology gains 1.1% on memory price optimism. On the downside, PDD Holdings Inc falls 3.3% amid margin worries, ProShares Ultra Silver drops 3.2% tracking weaker bullion prices, Tesla Motors slips 0.4% after a price cut in China.

Elsewhere, Xunlei rallies 5.3% on blockchain product news, Futu Holdings Limited advances 4.3% as mainland client growth accelerates, XPeng Inc. rises 2.3% after reporting higher May deliveries, Marvell Technology adds 2.2% on data-center demand. Among ETFs, Roundhill Memory ETF gains 1.1% while Direxion Daily Semiconductors Bear 3x Shares slides 1.3%, underscoring a rotation into chip names.

News

Snowflake surges after strong subscription beat. The cloud data specialist reported accelerating product revenue growth and raised full-year guidance, prompting a wave of price-target hikes.

NVIDIA edges higher as CEO details next-gen AI chip launch. Management said its new “Blackwell Ultra” processors will sample this quarter, reinforcing confidence in the company’s data-center roadmap.

Tesla Motors slips on fresh China price cuts. The EV maker lowered Model Y prices by nearly 2%, fueling margin concerns ahead of second-quarter deliveries.

Micron Technology gains on bullish memory demand outlook. Citi raised its price target, citing tightening DRAM supply and improving pricing trends.

PDD Holdings Inc declines as analysts flag rising competition. New discount battles in China’s e-commerce space could squeeze profit margins, according to a JPMorgan note.

ServiceNow rallies on expanded generative AI offerings. The workflow platform added industry-specific copilots, broadening its total addressable market.

Unusual Machines Inc rockets on U.S. drone certification. The FAA cleared the firm’s UAV platform for commercial deliveries, opening the door to nationwide deployments.

Marvell Technology climbs after landing hyperscale design win. The semiconductor company announced a multi-year custom chip agreement with a top cloud provider.

U.S. weekly jobless claims tick higher, weighing on cyclicals. Initial filings rose to 238,000, hinting at a cooling labor market and adding to bets on Fed rate cuts.

Crude oil slides below $75, pressuring energy shares. Soft demand forecasts from the IEA sparked selling across exploration and production names, capping broader index gains.

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