Stocks traded lower Friday as earlier gains evaporated. Investors continued to speculate about the Federal Reserve's next move on interest rates following a cooler-than-expected wholesale inflation reading.
SpaceX fell 3%. Another tranche of SpaceX stock will be unlocked next week. It will be the second since the company came to market two months ago. Shares have gained around 22% in the week since the first chunk of shares were unlocked last Thursday.
Sandisk added 6.2% to $1,623.24. Several Wall Street firms weighed in on the memory-card maker's ambitious long-term revenue growth plan.
Micron Technology rose 1.2% to $961.54. Investors were pushing shares back toward the $1,000 level after the upbeat long-term forecast from Sandisk.
Lumentum was up 4.6% and Seagate Technology advanced 3.2%. Intel fell 1.5%.
Reddit advanced 14% after S&P Dow Jones Indices said the social-media platform would join the S&P 500 next Tuesday. Reddit is replacing AvalonBay Communities, which is set to be acquired by Equity Residential.
Chevron was up 1.8% and was the best-performing stock in the Dow Jones Industrial Average. U.S. oil prices traded about 0.5% higher to $81.60 a barrel.
Workday declined 3.5%. Shares ended the previous session up nearly 18% following a report that private-equity firm Silver Lake was in talks to acquire the enterprise software company. If private equity is indeed looking to purchase software names, it could put a stop to losses in the struggling sector.
Applied Materials dropped 5.4%. The chip-equipment maker reported solid earnings and revenue but said it took a $220 million unrealized investment loss over its third quarter.
York Space Systems fell 12% to $10.12 after the satellite technology company slashed its full-year guidance due to shifts in how the U.S. government is acquiring spacecraft systems.
Intuitive Machines rose 9.6% to $19.26. Stifel upgraded the stock to Buy from Hold with a price target of $26, down from $32, after the company reported Thursday that second-quarter revenue grew 310%.
Security and defense stocks rose after the Trump administration imposed tariffs on drone imports. Unusual Machines rose 24%, Ondas gained 6%, Kratos added 2.6%, and AeroVironment advanced 2.5%.
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