Key facts
- The S&P 500 and Nasdaq opened lower on Thursday.
- The Dow Jones Industrial Average rose at the open.
- Technology stocks, including Western Digital and SanDisk, weighed on the S&P 500 and Nasdaq.
- Investors awaited details on a Middle East peace deal.
- SpaceX shares rose ahead of its post-IPO share lockup expiry.
- Federal Reserve officials indicated readiness to address rising price pressures.
Wall Street indexes opened mixed on Thursday, with the S&P 500 and Nasdaq declining due to weakness in technology stocks, while the Dow Jones Industrial Average edged higher. Investors were also monitoring developments in Middle East peace talks. Western Digital and SanDisk shares dropped significantly in premarket trading despite forecasting quarterly revenue above expectations, with the declines attributed to anticipated AI demand not fully impressing investors. Other chip stocks, including Micron, Advanced Micro Devices, Marvell Technology, and Intel, also experienced declines. Megacap technology companies such as Alphabet and Apple showed marginal gains. SpaceX's shares rose ahead of its first post-IPO share lockup expiry. Federal Reserve officials have signaled readiness to address rising price pressures, with St. Louis Fed President Alberto Musalem scheduled to speak on monetary policy. Market probabilities for a September rate hike versus no change are now nearly even.