Seagate Shares Slip as Nasdaq Rises 0.9% While Oil Drops 4.5%
Seagate Technology shares dipped as semiconductors fell with Micron, Lam Research and Applied Materials, even as the Nasdaq gained 0.9% on strength from tech and crypto-linked stocks. West Texas Intermediate crude dropped 4.5% to $88.20 per barrel after a 15-point US proposal to Iran boosted market sentiment.
1. Strong Opening Driven by Tech and Crypto-linked Stocks
US equities opened higher, with the Dow Jones and S&P 500 each rising 0.6% and the Nasdaq jumping 0.9%. ARM Holdings led gains with a 15% surge after pivoting to AI data-center chips, while Robinhood, Super Micro and AMD also outperformed early.
2. Semiconductors Weigh Despite Broad Gains
The semiconductor segment diverged from broad market strength as Micron, Lam Research, Applied Materials, Western Digital and Seagate all registered declines. Pressure in this segment offset some optimism from AI-related hardware pivots.
3. Oil Slump Boosts Sentiment
Oil prices fell sharply, with West Texas Intermediate down 4.5% to $88.20 per barrel, following the release of a 15-point US diplomatic proposal to Iran aimed at securing a one-month ceasefire. The drop eased inflation and rate concerns, supporting futures gains.