Finance

Major memory and data storage manufacturers, including Western Digital and SanDisk, experienced severe stock price declines after providing underwhelming future guidance. Despite maintaining massive year-over-year gains propelled by the ongoing artificial intelligence boom, their latest corporate projections failed to satisfy Wall Street’s elevated targets. The resulting selloff trickled across global chip sectors, pulling down Asian and domestic technology indices.

Shares of Elon Musk's recently public aerospace firm faced intense trading pressure as more than 911 million investor and employee shares became eligible for market sale. The massive influx of newly tradable equity represents more than double the volume originally made available during the initial public offering. Options trading volume spiked concurrently, with traders increasingly loading up on protective put options as market pricing fell below the initial asking price.

The broader cryptocurrency market cap edged up slightly, with Bitcoin maintaining a steady range above $64,000 as geopolitical and domestic employment data reduced immediate inflation anxieties. In contrast, Ethereum faced consecutive daily losses, weighed down by rising U.S. Treasury yields that eroded the relative premium of decentralized staking returns. Additional institutional outflows from spot Ethereum exchange-traded funds further compounded the asset's near-term volatility.