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S&P 500 steadies as Western Digital and Sandisk tumble despite strong AI forecasts
['Johann M Cherian', 'Shashwat Chauhan']
The Nightly
The S&P 500 is flat in volatile trading, with tech stocks down as Western Digital and Sandisk’s strong forecasts failed to impress, countering gains across other sectors.
Data storage company Western Digital lost 18.5 per cent and memory chip maker Sandisk dropped 11.3 per cent in early trading, after having shot up 200 per cent and 400 per cent this year.
Both companies forecast quarterly revenue above expectations, betting on strong AI-driven demand.
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The rest of the market, meanwhile, was mostly higher, with nine of the 11 S&P sectors trading up.