U.S. Stocks Open Mixed on Thursday; SanDisk Down 12%, Western Digital Down 20% After Earnings, Weighing on Chip Stocks

Tiger Newspress08-06 21:30

The S&P 500 was relatively unchanged on Thursday, while the Nasdaq Composite pulled back as traders kept an eye on the Middle East, with a deal to reopen the key Strait of Hormuz in the works. Wall Street also weighed a slew of corporate earnings releases.

The broad market index traded just above the flatline, while the tech-heavy Nasdaq was 0.3% lower. The Dow Jones Industrial Average added 100 points, or 0.2%.

Data storage companies tumbled in morning trading on Thursday after quarterly results from Sandisk and Western Digital failed to sustain momentum in an industry that has become one of Wall Street's hottest bets this year.

SanDisk Corp. down 12%, while Western Digital down 20% in morning trading on Thursday.

After the closing bell on Wednesday, both Sandisk and Western Digital forecast quarterly revenue that beat estimates compiled by LSEG, but fell short of high market expectations. The reaction underscores the high bar set for the market's AI favorites after stellar gains this year, with even strong earnings and upbeat forecasts ⁠failing to satisfy investors.

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Wall Street also weighed a slew of corporate earnings releases.</p><p style=\"text-align: left;\">The broad market index traded just above the flatline, while the tech-heavy Nasdaq was 0.3% lower. The <span>Dow Jones Industrial Average</span> added 100 points, or 0.2%.</p><p style=\"text-align: left;\">Data storage companies tumbled in morning trading on Thursday after quarterly results from Sandisk and Western Digital failed to sustain momentum in an industry that has become one of Wall Street&#39;s hottest bets this year.</p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/SNDK\">SanDisk Corp.</a> down 12%, while <a href=\"https://laohu8.com/S/WDC\">Western Digital</a> down 20% in morning trading on Thursday.</p><p style=\"text-align: left;\">After the closing bell on Wednesday, both Sandisk and Western Digital forecast quarterly revenue that beat estimates compiled by LSEG, but fell short of high market expectations. 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