US Opening Bell | Stocks retreat led by Nasdaq; Marvell falls 6.5% Intel 5.9%; Semiconductor selloff deepens

Market

June 5, U.S. stocks opened mixed: the Dow Jones inched up 0.1% while the S&P 500 slipped 0.7% and the NASDAQ fell 1.2%, as investors rotated out of high-growth technology shares amid fresh concerns over chip demand and cautious sentiment ahead of key economic data releases.

Arm Holdings falls 6.7% after post-IPO lock-up restrictions expired, Marvell Technology drops 6.5% on a revenue warning, Intel declines 5.9% after delaying its Ohio fab, Micron Technology slides 5.0% on a profit alert, Advanced Micro Devices loses 4.2% despite unveiling new AI accelerators, Broadcom retreats 2.9% on regulatory scrutiny, and NVIDIA slips 2.5% as antitrust fears mount. On the upside, Tesla Motors rises 1.0% after management pledged to double Cybertruck deliveries this quarter.

Among broader movers, Direxion Daily Semiconductors Bear 3x Shares jumps 13.9%, uCloudlink Group climbs 6.9%, Ucommune International Ltd advances 6.7%, 111 Inc. gains 4.2%, and Zepp Health Corporation adds 4.1%. Lululemon Athletica sinks 10.6% following a guidance cut, MicroSectors Gold Miners 3x Leveraged ETN tumbles 10.5% on weaker bullion prices, and Taiwan Semiconductor Manufacturing sheds 3.3% alongside the wider chip pullback.

News

Marvell Technology trims full-year revenue outlook; shares drop 6.5%. The chip maker blamed softer enterprise and telecom demand for the cut. Analysts warned margins could compress if AI orders fail to accelerate.

Micron Technology warns of deepening memory chip glut; stock down 5.0%. Management said DRAM prices are deteriorating faster than projected, pushing its profitability timeline into next fiscal year.

Lululemon Athletica cuts earnings forecast; shares tumble 10.6%. Higher markdowns and slowing North American traffic forced a lower profit outlook, triggering multiple broker downgrades.

Arm Holdings unveils new AI processors but faces valuation concerns; shares slide 6.7%. The architecture promises 30% better performance per watt, yet investors worry about rising R&D costs and intense competition.

Intel delays Ohio mega-fab ramp-up to late 2027; stock falls 5.9%. Tool shortages and construction hurdles cast doubt on U.S. chip-supply timelines and subsidy disbursements.

Tesla Motors projects doubling Cybertruck deliveries this quarter; shares inch up 1.0%. Easing battery constraints support management’s outlook for stronger second-half revenue growth.

ServiceNow lifts 2026 subscription revenue guidance; stock up 0.5%. Robust demand for AI-driven workflow tools prompted analysts to raise price targets despite broader tech weakness.

Broadcom’s $61 billion VMware acquisition faces extended EU antitrust review; shares retreat 2.9%. Regulators cited cloud-competition concerns, potentially delaying deal closure and synergy realization.

U.S. nonfarm payrolls rise 180,000, unemployment edges to 4.1%. The mixed labor report cooled wage pressures, bolstering expectations for a Federal Reserve rate cut later this summer.

Direxion Daily Semiconductors Bear 3x Shares surges 13.9% as traders hedge chip exposure. Volume spiked to six times the 30-day average, underscoring heightened caution toward the semiconductor space.