Nio (NIO 0.17%) investors got some good news from Chinese authorities for the second day in a row today. The company's American depositary shares are responding again this morning, jumping 6% at the market open but easing to a gain of 1.9%  NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five, six, and seven-seater electric SUVs, as well as smart electric sedans. The company is also involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after sales management activities.

Farfetch Ltd (NYSE: FTCH) reported second-quarter FY22 sales growth of 10.7% year-on-year, to $579.35 million.  Farfetch Ltd and business tycoon Mohamed Alabbar's Symphony Global have acquired 47.5% and 3.2% stakes, respectively, in online luxury and fashion retailer YOOX NET-A-PORTER (YNAP). The transaction results in YNAP as a neutral platform with no controlling shareholder.  YNAP and its parent, Richemont, will adopt Farfetch's platform solutions to help digitalize the luxury industry.  Farfetch Limited, together with its subsidiaries, provides an online marketplace for luxury fashion goods in the United States, the United Kingdom, and internationally. It operates through three segments: Digital Platform, Brand Platform, and In-Store. The company operates, an online marketplace, as well as Farfetch app for retailers and brands.


Shares of computer memory maker Micron (MU -4.94%) are down 4.4% and PC manufacturer HP (HPQ -8.01%) has dropped 7.8%. Meanwhile, HP rival Dell Technologies (DELL -12.60%) is really taking it on the chin, with an 11% loss.  There is a specific factor dragging down shares of Micron, HP, and Dell today and Dell's loss is causing this overall general drop in tech stock. 

Dell reported its sales and earnings numbers, and while earnings looked good enough, sales came in a bit short of expectations.  Dell’s unexpected loss was a far cry from the $695 million profit it made in the same period a year ago. The company blamed it on a higher than anticipated effective tax rate.  On the other hand, Dell did at least generate record revenue for the year. For its fiscal 2022 year, the company reported sales up 17% from a year ago.  Dell Vice Chairman and Co-Chief Operating Officer Jeff Clarke chose not to dwell on the loss, highlighting the fiscal 2022 performance, which he said was the best year in its history to date. 


Federal Reserve chairman Jerome Powell warned that the central bank's mission to tame inflation will result in "some pain" for US households.

In a keynote speech at the Federal Reserve's annual Jackson Hole Economic Symposium Friday morning, Powell said that the path to reducing inflation would not be quick or easy, adding that the task, requires using our tools forcefully to bring demand and supply into better balance.  Doing so, he said, would likely result in some weakening of the US economy and job market.

While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.  And it seems that was enough to spook growth stock investors on, with semiconductor stocks featuring heavily among the decliners.

Shares of Nvidia (NVDA -8.03%)

Reversed course sharply from their surprise rise post-earnings and are now down 8.1%.

Following in Nvidia's footsteps are shares of its archrival chipmaker

Advanced Micro Devices (AMD -5.15%)

Down 5.2% and

Applied Materials (AMAT -4.97%)

a manufacturer of equipment for making semiconductor chips, down 4.9%.