US Opening Bell | Stocks open mixed; IREN Ltd falls 5%; Semiconductor names retreat

US Opening Bell10-20

Market

October 20, U.S. stocks opened mixed as investors assessed earnings and geopolitical risks. The Dow Jones inched up 0.12%, while the S&P 500 slipped 0.17% and the Nasdaq Composite fell 0.47%, with megacap tech under pressure and defensive sectors attracting bids.

Decliners led early trading: IREN Ltd falls 5.45% after a Bitcoin pullback hit mining margins; Direxion Daily Semiconductors Bull 3x Shares drops 5.15% as chip names retreat; Lumentum falls 3.28% on soft optical demand guidance; Micron Technology slides 2.27% after a brokerage downgrade; Advanced Micro Devices declines 1.27% in sympathy; NVIDIA eases 0.84% as Washington widens AI-chip export curbs; Apple falls 0.59% amid fresh iPhone demand concerns. On the upside, Direxion Daily Semiconductors Bear 3x Shares jumps 5.21%, and Amazon.com gains 0.87% on strong Prime Day follow-through.

Elsewhere, MindForge Inc. rallies 5.43% after announcing a new AI partnership, XPeng Inc. adds 3.75% on robust September deliveries, Li Auto climbs 3.01% after unveiling a new SUV, SoFi Technologies Inc. rises 0.59% as student-loan payments resume, while Bloom Energy Corp slips 3.19% with fuel-cell peers. Emerging market ETFs such as Direxion Daily MSCI South Korea Bull 3x Shares slump 9.06% as regional tech weakness spreads.

News

Washington expands AI-chip export restrictions. The new rules limit sales of advanced GPUs from NVIDIA and Advanced Micro Devices to China, raising supply-chain uncertainty.

Apple faces fresh EU probe over App Store rules. Regulators say new fee structure may still stifle competition, clouding the iPhone maker’s services growth outlook.

Tesla Motors cuts Model Y prices in Germany. The move aims to defend market share against rising Chinese EV imports, pressuring margins.

Amazon.com reveals record Prime subscription renewal rates. Management said over 98% of members renewed following the October shopping event, boosting confidence in recurring revenue.

Micron Technology downgraded at Citi. Analysts cited elevated inventory and soft enterprise demand, sending shares lower.

Lumentum warns of weaker telecom orders. The optical-component maker trimmed fiscal Q2 revenue guidance, sparking a 3% stock slide.

SoFi Technologies Inc. issues upbeat Q3 loan origination update. Management sees refinancing volume doubling quarter-over-quarter as federal student repayments restart.

XPeng Inc. secures $1.5 billion credit line. The facility from Chinese state banks strengthens liquidity ahead of new model launches in 2027.

Bloom Energy Corp unveils next-gen solid-oxide electrolyzer. Investors remain cautious on commercialization timelines, shares trade lower.

U.S. existing-home sales hit 13-year low. Rising mortgage rates continue to curb demand, weighing on homebuilder sentiment.

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