Finance

Shares of data storage and memory companies Western Digital and Sandisk dropped sharply despite issuing strong quarterly performance projections driven by artificial intelligence demand. Market analysts attributed the selloff to high expectations and profit-taking after massive rallies earlier in the year. The contraction in memory hardware names dragged on tech-heavy indices and weighed heavily on the broader semiconductor sector.

Energy and global equity markets remain focused on potential geopolitical developments as the Trump administration points to a possible deal to reopen the Strait of Hormuz. Reopening the shipping lane could alleviate disruptions that have recently driven benchmark Brent crude oil prices higher. Market participants are monitoring the negotiations between Iran and Oman to gauge the long-term impact on global supply chains and inflation.

SpaceX shares fluctuated following the expiration of an insider lockup provision that legally freed up over 900 million shares for potential sale. The milestone closely followed the rocket manufacturer's first public quarterly earnings report, which detailed a significant surge in capital expenditures directed toward artificial intelligence development. The stock initially clawed back some losses after suffering a sharp double-digit decline in the previous session.