Sandisk and Western Digital lead declines after quarterly results fail to impress, offsetting gains in Dow Jones futures.
Dow Jones and S&P 500 futures climbed modestly in early trading Thursday, while Nasdaq futures retreated as tech earnings disappointed. Sandisk and Western Digital led losses after reporting fiscal fourth-quarter results that met expectations but offered lackluster outlooks. Datadog also weighed on sentiment, contributing to the Nasdaq’s underperformance.
The broader market closed mixed Wednesday, with the Dow Jones hitting an intraday record supported by Nvidia’s strength. However, the Nasdaq composite lagged, reflecting weakness in semiconductor and software stocks. Sandisk’s results beat Wall Street targets but provided an in-line forecast, triggering a sell-off in its shares.
Futures movements suggest continued sector rotation, with investors favoring cyclical stocks over growth-oriented tech names amid earnings volatility.