Finance

Technology stocks faced heavy downward pressure after prominent memory makers Sandisk and Western Digital reported their financial results. Although the companies demonstrated strong growth, their forward-looking guidance did not live up to highly elevated investor expectations, prompting a widespread selloff in tech-heavy indexes.

Crude oil prices ticked upward as market participants monitored complex geopolitical developments surrounding the Strait of Hormuz. The potential for elevated energy costs has reignited concerns that the Federal Reserve may feel compelled to raise interest rates further to curb sticky inflation.

U.S. Treasury yields moved higher across the curve, with the benchmark 10-year note holding above 4.6%. The upward pressure was amplified by comments from several Federal Reserve officials hinting that additional policy tightening might be necessary if labor data remains resilient and inflationary pressures do not rapidly recede.