Finance

Oil markets are trading in a narrow range near eighty dollars a barrel as investors react to progress in negotiations between Iran and Oman regarding a shipping corridor in the Strait of Hormuz. Though domestic crude supplies unexpectedly grew, the potential resolution has eased broader fears about inflation and aggressive monetary tightening by the Federal Reserve.

SpaceX is bracing for heightened market volatility following the expiration of its initial post-IPO lockup restrictions, which releases roughly ninety-eight billion dollars worth of shares onto the open market. This massive influx of shares follows a steep double-digit percentage drop in the stock price driven by investor concern over heavy capital expenditures on AI infrastructure.

Shares of memory manufacturers SanDisk and Western Digital dropped sharply following the release of their quarterly financials. Even though recent performance has been exceptionally strong, their forward-looking projections fell short of Wall Street's lofty expectations, leading to an immediate drag on tech indexes.