US Opening Bell | Stocks open lower; Meta Platforms jumps 3%; Social media stocks rally

Market

August 26, U.S. stocks opened lower as higher Treasury yields and mixed economic signals kept investors cautious. The Dow Jones dipped 0.06% to 53,547, the S&P 500 slipped 0.13% to 7,667, and the Nasdaq Composite fell 0.16% to 26,110.

Decliners led early action: Recon Technology slumped 13.8% after a fresh equity sale, Qifu Technology dropped 13.0% on weak lending outlook, JinkoSolar slid 7.9% on margin worries, Moderna, Inc. sank 4.5% after mixed vaccine data, Intuit lost 3.1% on a softer earnings guide, and Tesla Motors retreated 2.0% as price cuts stoked margin fears. On the upside, Meta Platforms, Inc. rallied 3.4% after raising ad-sales guidance, XPeng Inc. added 3.3% on record EV deliveries, Oklo Inc. gained 1.7% on regulatory progress, and Advanced Micro Devices rose 0.8% after unveiling a new AI chip.

Among broader movers, ServiceNow fell 2.9%, NEBIUS shed 1.6%, SPDR Gold ETF slipped 1.1%, ProShares UltraPro QQQ eased 0.4%, Micron Technology dipped 0.2%, and Broadcom edged 0.1% lower amid sector-wide profit-taking in tech and commodities.

News

Meta Platforms, Inc. boosts ad revenue forecast, shares jump 3% at the open. Management cited strong AI-driven engagement on Reels and rising advertiser demand, easing fears of a digital ad slowdown.

Recon Technology launches $50 million share offering, stock tumbles 14%. The oilfield service firm said proceeds will fund working capital, but investors balked at dilution risk.

Moderna, Inc. posts mixed mid-stage RSV vaccine data, stock slides 4%. Lower-than-expected efficacy raised questions about the shot’s commercial potential ahead of a pivotal study.

Intuit cuts full-year earnings outlook, shares sink 3%. Slower small-business formation and higher customer acquisition costs are expected to pressure margins.

Tesla Motors extends price discounts on Model Y, shares drop 2%. The move stokes worries about demand resilience and margin compression in the EV leader’s flagship vehicle.

Advanced Micro Devices unveils next-generation AI accelerator, stock rises 1%. Early benchmark results show a 30% performance boost versus prior chips, intensifying competition with NVIDIA.

U.S. durable goods orders unexpectedly fall 0.6%, fueling growth concerns. The decline, led by transportation equipment, pressured cyclical shares in early trade.

Treasury yields edge higher ahead of key Fed symposium, weighing on equities. Investors are bracing for potential policy clues from Chair Powell’s speech on the economic outlook.

Oklo Inc. secures conditional NRC approval for micro-reactor design, shares climb 2%. The decision advances the company toward commercialization of its small modular nuclear technology.

PDD Holdings Inc quarterly revenue tops estimates, but shares ease 1%. Higher marketing spend offset strong sales growth, prompting profit-taking after a recent rally.