Market
September 28, U.S. stocks opened on the back foot as Treasury yields climbed and investors digested mixed economic data. The Dow Jones Industrial Average slipped 0.7% to 51,463.10, the S&P 500 fell 0.5% to 7,706.35 and the Nasdaq Composite lost 0.5% to 26,933.82, with broad weakness across most sectors.
Among key movers, MongoDB Inc. plunges 26.1% after trimming full-year guidance, MicroSectors Gold Miners 3x Leveraged ETN dives 16.0% as bullion prices retreat, ProShares Ultra Silver slumps 9.6%, Aurora Mobile Ltd drops 8.3% on soft revenue, and Infobird Co., Ltd falls 9.0% on a share sale. On the upside, NetEase climbs 4.4% on strong game downloads, NVIDIA adds 3.0% on robust AI demand, and Li Auto rises 2.2% after upbeat deliveries.
Elsewhere, Cango Inc. surges 11.5% on buyback news, Tantech jumps 7.1% on renewable energy deal, Viomi Technology Co. gains 5.0%, Paranovus Entertainment Technology advances 4.3%, Yum China Holdings, Inc. rises 1.9%, and Broadcom inches up 0.4% as investors hunt for defensive tech plays.
News
MongoDB slashes outlook and warns of slower cloud demand. The database provider lowered its fiscal-year revenue view citing delayed enterprise deals, sending shares tumbling more than 25% and sparking concerns about IT spending.
Federal Reserve official signals higher-for-longer rates. Minneapolis Fed President Neel Kashkari said policy may stay restrictive into 2027, lifting Treasury yields and weighing on equity valuations.
Gold and silver retreat as dollar climbs to six-month high. Precious metals fell sharply, triggering double-digit losses in leveraged mining and silver funds and pressuring materials stocks.
NVIDIA touts accelerating AI chip orders at developer conference. CEO Jensen Huang told attendees that hyperscalers are “racing” for next-gen GPUs, boosting confidence in the chipmaker’s growth trajectory.
NetEase hits 10 million downloads for new game “Eternal Realm”. The company’s U.S.-listed shares gained after management projected record in-game spending for the title’s launch window.
U.S. durable goods orders top forecasts. August orders rose 0.6%, defying expectations for a decline and underscoring steady capital investment despite higher rates.
Crude steadies ahead of pivotal OPEC+ meeting. West Texas Intermediate held near $86 a barrel as traders anticipate updated supply targets; integrated energy names were little changed.
Tesla faces potential subsidy cuts in Europe. Reports that Germany may curtail EV incentives pushed Tesla Motors shares down about 1%, raising questions over demand in the region.
Adobe expands AI push with $2 billion Runway acquisition. The deal adds generative video tools to Creative Cloud, intensifying competition with rivals like OpenAI and Google.
House lawmakers advance stop-gap bill to avert government shutdown. The continuing resolution would fund agencies for six weeks, easing immediate fiscal fears but setting up another deadline later in the year.
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