Finance

Technology and semiconductor shares faced notable downward pressure, dragging down the tech-heavy Nasdaq Composite. Despite reporting strong quarterly revenue forecasts driven by artificial intelligence demand, data storage giants Western Digital and SanDisk suffered double-digit percentage drops. Analysts noted that investors have set extraordinarily high expectations for the sector, making strong results alone insufficient to maintain recent rallies.

Treasury yields experienced volatility as market participants evaluated ongoing diplomatic talks between Iran and Oman to partially reopen the vital Strait of Hormuz shipping lane. A potential resolution to the Middle East conflict has eased long-standing energy supply anxieties, dragging crude oil down from its earlier peaks. The 10-year Treasury note yield fluctuated near 4.6% as fixed-income investors weighed these geopolitical shifts alongside domestic monetary policy signals.

The cryptocurrency market remained relatively flat, with Bitcoin holding steady just above the $64,000 threshold despite broader gains in equities. Market data revealed that the S&P 500 added market capitalization equivalent to the entire valuation of the digital asset space over the past month. Analysts point to structural headwinds and an equity rally concentrated heavily in tech giants as the primary factors keeping major tokens range-bound.