Memory chip and storage stocks continued to slide Thursday, a day after some of the biggest single-session drops of the year.
Sandisk fell more than 10% Wednesday and was down again in premarket. Western Digital dropped over 6%, and Seagate Technology also declined. Micron Technology slid 2.7% Thursday after a 10.6% drop the session before.
Sandisk Corporation, SNDK
The selloff spread to related hardware names. Corning fell 2.6% and Dell Technologies dropped 2.7% in premarket trading.
While hardware names struggled, software stocks moved higher. ServiceNow, Oracle, and Adobe each traded up, continuing a rotation that has been building over recent sessions.
New listing Bending Spoons, the AOL parent that surged 40% on its debut Wednesday, pulled back around 3% ahead of Thursday’s open.
Palantir was up more than 3% Thursday, extending a 7.8% gain from Wednesday. The company announced a strategic initiative with Nvidia on Monday to build custom AI models for the U.S. government.
Advanced Micro Devices slipped 2%, moving further from the trillion-dollar market cap threshold. The company’s valuation dropped from $947 billion Tuesday to $881 billion Wednesday. Intel and Marvell Technology also fell more than 2%.
Higher crypto prices lifted Strategy, the largest corporate Bitcoin holder, by more than 5%. Robinhood Markets gained 2.6% and Coinbase Global rose 3%.
National Beverage, maker of LaCroix sparkling water, jumped 6% after declaring a special cash dividend of $3.25 per share. The company reported full-year net sales of $1.2 billion and earnings per share of $1.96.
Can-Fite BioPharma dropped 12% despite reporting positive Phase 2a trial data for its pancreatic cancer drug Namodenoson. The trial met its primary safety endpoint, and the company plans to move into a Phase 2b study.
Embraer fell 5% after completing its buyout of Safran Cabin’s 50% stake in an aircraft interior joint venture. The Mexico-based facility makes components for Embraer’s E-Jet family. Financial terms were not disclosed.
Stock futures pointed lower broadly on Thursday, with markets winding down a holiday-shortened week ahead of America’s 250th Independence Day.
Investors are watching Friday’s June jobs report closely. U.S.-Iran diplomatic talks in Doha are also keeping sentiment cautious heading into the long weekend.
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