The Dow Jones opened down 0.8%, the S&P 500 dropped 0.7%, and the Nasdaq fell 0.7%.

Jefferies rose 7.3%, with rumors that Sumitomo Mitsui Financial Group is interested in acquiring the investment bank. The largest pork processor in the United States, Smithfield Foods, rose 6.1%, with Q4 earnings exceeding expectations. Router and network switch manufacturer Netgear rose 12.2%, but the Federal Communications Commission prohibited the importation of all foreign-made civilian routers for national security reasons. Apollo Global Management fell 4.0% due to a sharp increase in redemptions, restricting the redemption of one of its private credit funds. Nio Inc. rose 2.7%, announcing a $1 billion stock buyback plan.