U.S. stocks finished mixed on July 29, according to market data from BIT (bit.com), with the Dow Jones Industrial Average up 1.03%, the S&P 500 gaining 0.22%, and the Nasdaq slipping 0.22%. Optical communications and storage names led the downside during regular trading. SanDisk fell more than 14%, Corning dropped more than 12%, Coherent lost over 10%, and SK Hynix ADRs declined 9%. The Philadelphia Semiconductor Index closed down 519.198 points, or 4.49%, at 11,035.68.
The session also featured a split earnings picture in the storage segment. SK Hynix reported second-quarter revenue of KRW 79 trillion, below the market expectation of KRW 84 trillion. Seagate Technology, by contrast, posted fiscal fourth-quarter revenue of $3.63 billion, above the expected $3.49 billion, while adjusted earnings per share came in at $5.71 versus a consensus estimate of $5.08. After the sharp decline in regular trading, storage shares turned higher in after-hours trading, with SK Hynix up 2.64%.
Separately, an informal ceasefire between the U.S. and Iran fell through, and Iran launched missiles at a U.S. military base early in the day. According to Bitget market data, WTI crude then surged 4%.
U.S. stocks ended mixed on July 29, according to market data from BIT (bit.com). The Dow Jones Industrial Average rose 1.03%, the S&P 500 added 0.22%, and the Nasdaq fell 0.22%.
Optical and storage names led the decline
Optical communications and storage stocks posted steep losses in regular trading. SanDisk fell more than 14%, Corning dropped more than 12%, Coherent lost over 10%, and SK Hynix ADRs declined 9%.
The Philadelphia Semiconductor Index closed down 519.198 points, a 4.49% drop, at 11,035.68, losing what the source described as a key support level.
SK Hynix missed expectations, Seagate beat estimates
SK Hynix reported second-quarter revenue of KRW 79 trillion, below the market expectation of KRW 84 trillion.
Seagate Technology reported fiscal fourth-quarter results showing revenue of $3.63 billion, above the market expectation of $3.49 billion. Adjusted earnings per share came in at $5.71, also above the expected $5.08.
After-hours reversal in storage shares as oil moved higher
After a sharp drop during the regular session, U.S.-listed storage shares turned higher in after-hours trading. SK Hynix was up 2.64% after the close.
At the same time, an informal ceasefire between the U.S. and Iran fell through, and Iran launched missiles at a U.S. military base early in the day. According to Bitget market data, WTI crude then jumped 4%.
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