The stock market opened on a down note, with some big names taking a hit. Nike, FedEx, and Micron all saw their shares drop after their earnings reports failed to impress investors. This news sent ripples through the market, with the S&P 500 and Nasdaq Composite both dipping by about 0. 8%. The Dow Jones Industrial Average wasn't spared either, shedding nearly 1%.

Trade tensions between the U. S. and China are heating up, and Costco is feeling the pinch. The wholesale giant is pushing for price cuts from its Chinese suppliers as import costs climb. This move comes as no surprise, given the escalating trade disputes and their impact on global supply chains.

In the electric vehicle (EV) sector, Chinese makers are facing a bumpy ride. Nio's net loss widened unexpectedly, causing its shares to fall by 5. 1%. This news also dragged down competitors Xpeng and Li Auto, with their stocks declining by 2. 2% and 1. 5%, respectively. Meanwhile, Tesla bucked the trend, seeing a 2. 4% gain.

Carnival's stock took a hit, plunging by 5. 8% after the company released its earnings. While the results beat expectations, investors remain wary about travel demand, especially after Delta Air Lines cut its outlook.

FedEx is also grappling with challenges, with its stock plummeting by 11%. The company slashed its full-year revenue and profit forecasts, citing economic softening and uncertainty in the U. S. , as well as severe weather conditions.

Micron, a major player in the memory-chip market, saw its shares fall by 7. 6%. The company admitted that its margins would miss analysts' estimates this quarter. Despite this, Micron's earnings for the fiscal second quarter exceeded expectations, thanks to strong AI-related demand.

Nike is facing a tough quarter, with its stock tumbling by 8. 8%. The sportswear giant is trying to refocus on its athletic roots while dealing with increased tariffs on China-made goods and a slowing U. S. consumer market. Its sales projection for the current period fell far short of expectations.

Nvidia's shares slid by 2. 1% as its AI conference wrapped up. The chipmaker is making waves by partnering with quantum computing firms to build a research center in Boston. This center will explore the integration of quantum computing with AI supercomputers, a move that could shape the future of technology.

In short, the stock market is a rollercoaster, with companies facing a mix of challenges and opportunities. From trade tensions to technological advancements, investors have a lot to keep an eye on.

Shifting Gears in the Stock Market

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