Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeInvestorU.S. stocks mixed as investors weigh memory chip results, Iran headway'Geopolitics and AI remain the main themes driving markets,' says one analystAuthor of the article:Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Disappointment rippled through the markets to Asian memory and storage stocks overnight, and continues the selloff in tech names from Wednesday. Photo by Spencer Platt/Getty ImagesUnited States stocks were mixed on Thursday as investors weighed progress in the Middle East and grappled with the continued fracturing in the artificial-intelligence trade following results from key memory names.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe S&P 500 index advanced 0.1 per cent at 9:46 a.m. in New York, putting the gauge on track to recover some of the losses from Wednesday’s drop. Meanwhile, the technology-heavy Nasdaq 100 index fell 0.3 per cent.“Geopolitics and AI remain the main themes driving markets,” said Mohit Kumar, an economist at Jefferies Financial Group Inc.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againSandisk Corp. and Western Digital Corp. plunged after the memory companies reported results that renewed concerns over the rally in the sector. Disappointing revenue outlooks underwhelmed investors following AI-inflated gains made so far this year, which have placed them among the best performers on the S&P 500.Analysts for Sandisk conceded the current quarter outlook was soft but remained positive about the business’s outlook. Meanwhile, Western Digital’s performance was said to lag that of peer Seagate Technology Holdings PLC.Miller Tabak’s Matt Maley said that there were reasons to believe tech stocks were working off an “oversold condition” with its recent bounce rather than adding a “new leg to the bull market.” Focusing on earnings from Sandisk, Western Digital and D-Wave Quantum Inc., Maley noted the reactions were less to do with selling the news and more the disappointing numbers.“However, either way, it shows that with the exception of a few stocks, it has been a rough earnings season for the tech sector,” said Maley.The disappointment rippled through to Asian memory and storage stocks overnight, and continues the selloff in tech names from Wednesday, driven by Advanced Micro Devices Inc. and SpaceX (formally known as Space Exploration Technologies Corp.). Thursday US$101 billion worth of SpaceX shares become available for trading.However, XTB’s Kathleen Brooks does not believe the rally coming out of July is over.“We stand by our view that the selloff is short term, and a pause rather than an abrupt shift in direction,” said Brooks, who highlighted the performance of SpaceX during the premarket session. “SpaceX is worth watching closely… as it was the worst performer on the Nasdaq 100 on Wednesday; it is also a highly volatile stock, so if it recovers it could be a sign of stronger overall sentiment for the index.”Meanwhile, Iran said Wednesday an agreement had been reached with Oman on a proposed route for shipping through the Strait of Hormuz, which potentially takes a step forward on reopening the critical waterway for energy supplies.Jefferies’ Kumar acknowledges President Donald Trump wants a deal on the Iran front before the mid-term elections and would be willing to give concessions to the Islamic Republic. However, a toll “will not be acceptable” and an agreement giving Iran control over the waterway would “not be a stable solution,” Kumar added.In single-stock moves, Honeywell Aerospace Inc. slumped 20 per cent after reducing its outlook for the full-year to reflect supply chain issues. Software firms Datadog Inc., Figma Inc. and Hubspot Inc. both tumbled after reporting results. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.