US Opening Bell | Stocks open lower; Coinbase jumps 6%; Crypto-linked stocks rally

Market

August 20, U.S. stocks opened lower as the Dow Jones slipped 0.79%, the S&P 500 fell 0.33% and the Nasdaq Composite lost 0.47%. Risk appetite cooled amid higher Treasury yields and lingering policy uncertainty.

Jianzhi Education Technology Group Company Ltd. soars 150.00% after unveiling an AI tutoring tie-up, while Huize Holding Ltd leaps 70.55% on upbeat guidance. Strategy climbs 5.91% after announcing fresh Bitcoin purchases, Tiger Brokers adds 5.79% on robust client growth, and Coinbase Global, Inc. rises 5.65% as Bitcoin tops $70,000. On the downside, Moderna, Inc. falls 15.43% on disappointing vaccine data, ATRenew drops 9.80% after a wider quarterly loss and Alibaba slips 5.20% amid renewed regulatory pressures.

Elsewhere, Bit Origin dives 14.20%, Kingsoft Cloud Holdings Ltd slides 8.16%, Wal-Mart retreats 8.01%, Yunji declines 7.76% and Chanson International Holding drops 7.69% as investors rotate out of consumer and cloud names. Intchains Group Ltd. climbs 4.90% and Recon Technology adds 4.18% alongside strength in small-cap chip and industrial plays.

News

Federal Reserve minutes signal higher-for-longer rates. The latest policy summary showed officials still view inflation risks as elevated, lifting Treasury yields and pressuring equities.

Coinbase Global, Inc. rallies on Bitcoin breakout. The exchange operator surged as the cryptocurrency crossed $70,000, brightening near-term trading-fee prospects.

Moderna, Inc. plunges after mixed RSV vaccine results. Lower-than-expected efficacy in a late-stage trial spurred analyst downgrades and a double-digit share decline.

Wal-Mart cuts profit outlook, shares tumble. Management cited softer discretionary demand and rising wage costs, sparking a broad sell-off in retail names.

Alibaba faces new regulatory review of Ant Group overhaul. Added scrutiny threatens further delays to a long-awaited IPO, weighing on U.S.-listed shares.

Strategy extends Bitcoin bet with new $500 million purchase. The software firm’s holdings now exceed 250,000 coins, amplifying its exposure to crypto price swings.

NVIDIA edges higher on reported Amazon AI-chip order. A fresh cloud partnership reinforces demand for the company’s high-performance GPUs.

Kingsoft Cloud Holdings Ltd slumps on weak revenue forecast. Management warned of slower enterprise spending, triggering a sharp drop in the stock.

Jianzhi Education Technology Group Company Ltd. soars on Baidu AI partnership. Integration of Baidu’s large-language model into Jianzhi’s courses opens new monetization avenues.

Oil slide drags Chevron and Exxon Mobil lower. Crude prices dipped below $75 per barrel after OPEC signaled rising output, pressuring energy shares.