US Opening Bell | Stocks open lower; NVIDIA, AMD lead chip selloff; Semiconductor bears surge

Market

October 22, U.S. stocks opened in the red as investors dumped technology names after fresh export-control headlines. The Dow Jones fell 0.36%, the S&P 500 slipped 0.90% and the Nasdaq sank 1.52%, signaling risk-off sentiment amid lingering rate and geopolitical worries.

Lumentum falls 6.1% after cutting fiber-laser guidance, Marvell Technology drops 5.6% on weak data-center demand, Advanced Micro Devices sheds 5.5% as analysts flag inventory risk, Tesla Motors loses 2.4% following cautious Cybertruck commentary, NVIDIA slides 2.2% on expanded chip curbs, Alphabet Class A eases 1.2% ahead of earnings, while Direxion Daily Semiconductors Bear 3x Shares jumps 13.1% as traders hedge and Apple gains 0.6% on upbeat iPhone pre-order chatter.

Broader movers show Direxion Daily Semiconductors Bull 3x Shares plunging 12.8%, ProShares UltraPro QQQ down 5.2%, Meta Platforms, Inc. off 5.2% on ad-spend concerns, Bloom Energy Corp falls 4.8% as hydrogen subsidies face scrutiny and Taiwan Semiconductor Manufacturing slips 2.5% after cutting capex.

News

NVIDIA hit by widened U.S. chip export restrictions. The Commerce Department added more AI accelerators to its licensing list, clouding the company’s China sales outlook and pressuring margins.

Tesla Motors misses on gross margin in Q3. Rising Model 3 discounts and Cybertruck ramp costs drove margins to a three-year low, sending the stock lower and prompting several price-target cuts.

Apple sees record iPhone 18 Pro pre-orders. Channel checks point to double-digit growth versus last year, helping the stock buck the tech selloff and supporting guidance optimism.

Federal Reserve Chair Powell signals patience on further hikes. In a keynote speech he highlighted tightening financial conditions, bolstering bets the Fed will pause at the November meeting.

Micron Technology guides revenue below consensus. Management cited slower cloud demand and inventory digestion, fanning fears of a prolonged memory down-cycle.

Boeing faces fresh delay on 737 MAX 10 certification. The FAA requested additional documentation, pushing first deliveries into late 2025 and raising cash-flow concerns.

Exxon Mobil completes $60 billion Pioneer deal. The transaction secures premium Permian acreage and is expected to boost free cash flow by mid-2027.

Initial jobless claims unexpectedly rise. The Labor Department reported 235,000 new filings, reigniting recession worries and weighing on cyclicals.

10-year Treasury yield tops 5%. The milestone level heightened valuation pressure on equities, particularly growth sectors.

SEC approves first U.S. spot Bitcoin ETFs. Asset managers expect trading to begin within weeks, sparking volatility in crypto-linked shares.