Finance

Shares of memory manufacturers SanDisk and Western Digital experienced significant declines despite reporting seemingly solid financial updates. Investors were left unimpressed by their forward outlooks, highlighting a growing sensitivity to high-flying artificial intelligence and hardware valuations. This cooling momentum has sparked discussions regarding potential capital rotation out of tech winners.

The latest private payroll data and weekly jobless claims indicated ongoing stability in the domestic labor market, with corporate job cuts dropping to their lowest level in two years. This cooling but firm employment environment helped offset anxiety regarding the Federal Reserve's future interest rate decisions. Market participants are now awaiting the comprehensive nonfarm payrolls report to gauge the central bank's next policy move.

Global crude oil prices moved higher amid persistent geopolitical tensions surrounding international shipping lanes in the Strait of Hormuz. Though preliminary diplomatic progress has been rumored, conflicting statements regarding active negotiations continue to leave the energy sector volatile. Stubbornly high oil costs remain a primary focal point for domestic inflation and logistical spending.