Market
August 27, U.S. stocks closed marginally lower after a range-bound session as the Dow Jones Industrial Average fell 0.21%, the S&P 500 eased 0.02% and the Nasdaq Composite slipped 0.08%. Traders digested mixed economic data and waited for fresh clues on the Federal Reserve’s next move, leaving the major benchmarks hovering just below record territory.
Gainers in tech hardware countered weakness in high-growth names as optical-network specialist Lumentum (LITE) surged 6.04% on takeover speculation, while Palantir (PLTR) added 2.73% after winning a new Pentagon contract. Oracle (ORCL) rose 2.84% on continued AI-cloud optimism and Marvell Technology (MRVL) advanced 1.97%. Conversely, Moderna (MRNA) fell 5.77% on concerns over vaccine demand, Nvidia (NVDA) slipped 1.59% in profit-taking after its recent run, Tesla (TSLA) declined 1.26% amid EV price-cut worries and Alphabet (GOOG) shed 1.23%. Amazon (AMZN) edged down 0.30% as antitrust headlines lingered.
U.S.-listed overseas stocks were lively, led by Silicon Motion (SIMO) up 8.80% after raising revenue guidance, China job-platform Kanzhun (BZ) up 15.65% on strong results and crypto play The9 (NCTY) up 10.98%. On the downside, solar names tumbled with JinkoSolar (JKS) dropping 11.87%, fintech lender Qifu Technology (QFIN) sinking 18.91% and education firm Jianzhi (JZ) sliding 21.82%.
News
Federal Reserve Chair reaffirms data-dependent stance. In a mid-day speech the central-bank chief said recent inflation progress is encouraging but not yet sufficient, reinforcing expectations that rates will stay higher for longer.
Treasury Department’s 7-year note auction draws strong demand. The $44 billion sale cleared at the highest yield since 2009, easing concerns about funding costs and helping long-term yields retreat from session highs.
Commerce Department reports durable-goods orders fell. A larger-than-expected 5.2% drop, driven by volatile aircraft bookings, tempered growth optimism and weighed on cyclical stocks.
Energy Information Administration shows crude inventories plunged. A surprise 10-million-barrel draw tightened supply outlooks and lifted intraday oil prices, supporting integrated majors despite the market’s broader softness.
Nvidia unveils next-generation data-center GPU roadmap. The company highlighted performance gains aimed at generative AI workloads, but shares still fell as investors “sold the news.”
Tesla expands price cuts to Model Y in Europe. The latest reductions deepen a margin-compressing strategy that is pressuring the stock and sparking competitive responses from legacy automakers.
Oracle announces $8 billion share-repurchase authorization. The buyback underscores management confidence in cash flow from its cloud transition and was cited as a driver of today’s stock advance.
Moderna begins Phase 3 trial of combined COVID-flu shot. While management touted the long-term opportunity, investors focused on near-term revenue uncertainty, sending the shares sharply lower.
Silicon Motion receives renewed takeover interest. Taiwanese media reported advanced talks with a U.S. semiconductor buyer, reviving a deal scuttled last year and boosting the ADR.
Palantir lands $250 million U.S. Army AI contract. The multi-year award expands the company’s defense footprint and supports management’s goal of double-digit revenue growth.