New York stocks finished lower as reports said Iran is considering tolls on ships passing through the Strait of Hormuz and could bar U.S. and Israeli vessels from transiting the waterway. The selloff also hit several chip-related names after disappointing earnings from Sandisk and Western Digital.
The Dow Jones Industrial Average fell 464.02 points, or 0.85%, to 53,885.10. The S&P 500 slipped 13.61 points, or 0.18%, to 7,709.95, and the Nasdaq composite edged down 15.09 points, or 0.06%, to 26,348.35.
Among major technology stocks, Nvidia, Amazon, Alphabet and Tesla all fell, while Apple, Microsoft, Broadcom and Meta rose despite the broader downturn. Shares of Sandisk dropped 6.81% after its fiscal 2027 first-quarter sales outlook of $10.3 billion to $10.8 billion came in below Wall Street expectations, and Western Digital fell 13.03% after its quarterly results also missed market hopes.
The weakness in memory-related stocks spread to South Korean chipmaker SK hynix, which fell 4.97%, while Micron dropped 1.31%. International oil prices rebounded about 3% as traders reacted to the geopolitical risk tied to the Strait of Hormuz.
