Western Digital Corporation

(NASDAQ Global Select)
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Slightly Bullish +15

Stock market today: Dow enters correction as oil jumps; Micron rises (live coverage)

AI-generated analysis

πŸ“‰ The Dow Jones Industrial Average entered correction territory, closing down 1.7% (793 points) after five consecutive weeks of losses due to U.S.-Iran tensions and weakening consumer sentiment.

πŸ“Š Big Tech stocks led the decline on the Nasdaq composite, which plunged 2.2% and fell more than 10% below its all-time high.

πŸ›’οΈ Oil prices surged, with West Texas Intermediate futures flirting near $100 a barrel while Brent oil traded above $112 per barrel.

πŸ’° Gold rose 3% to surpass $4,500 an ounce, and other precious metal stocks like Kinross Gold and AngloGold Ashanti gained over 2%.

πŸ“‰ The S&P 500 dropped 1.7% while the Russell 2000 gave up similar losses as small caps tested their 40-week moving average.

🧊 Consumer sentiment weakened in March to 53.3, below economist expectations of 54.3, impacting investor outlook on growth.

βš–οΈ Treasury yields rose, with the benchmark 10-year note increasing two basis points to 4.40% amid inflation concerns.

πŸ”Ί Micron (MU) rebounded to end its six-day losing streak but remains below key technical support levels including its 50-day moving average.

πŸ’Ύ Western Digital (WDC) gained 1.5% and found support at its 50-day moving average, while Seagate Technology (STX) extended losses.

πŸ’Š AstraZeneca (AZN) jumped nearly 4% after positive Phase 3 trial results for a new lung disease treatment but faced resistance near key levels.

πŸ₯ Novartis (NVS) dipped slightly following an agreement to acquire Excellergy for up to $2 billion in allergy drugs.

⚑ Entergy (ETR) surged nearly 8%, becoming the best gainer in the S&P 500 after expanding a power contract with Meta Platforms.

πŸ“ˆ Amazon (AMZN), Salesforce (CRM), and Cisco Systems (CSCO) fell nearly 3% as tech weakness weighed on the Dow's blue chips.

πŸ₯› Defensive stocks like Walmart (WMT), Coca-Cola (KO), and Procter & Gamble (PG) each rose roughly 1% amid market volatility.

πŸ”Ί Unity Software (U) jumped over 10% after raising first-quarter EBITDA guidance to $130-135 million, beating previous projections.

πŸ’§ Sociedad Quimica (SQM) and WaterBridge Infrastructure (WBI) bucked the broader trend with gains as new issues and lithium producers performed well.

Bullish Signals
  • Western Digital (WDC) found support at its 50-day moving average and rose 1.5% despite broader market weakness.
  • Sandisk (SNDK) showed notable price action, rising nearly 4% and bouncing off its 50-day moving average and the 600 level.
  • Micron (MU), a memory chip stock, was on track to break a six-day losing streak with a rebound after recent sell-off.
  • Argan (AGX) gapped up sharply after adjusted profit of $3.47 per share handily beat the FactSet consensus of $1.98, with revenue increasing 13% to $262.1 million.
  • Unity Software (U) jumped more than 10% after raising preliminary first-quarter EBITDA guidance to $130 million to $135 million from the previously projected $105 million to $110 million.
  • Inside the MarketSurge Growth 250, lithium producer Sociedad Quimica (SQM) jumped 6% as it sets up in a nine-week consolidation.
  • Recent new issue WaterBridge Infrastructure (WBI) bucked the trend with a 4.5% gain, holding near a 27.57 alternate entry.
Risk Factors
  • The Dow Jones Industrial Average entered a correction, tumbling 793 points (1.7% lower) as Wall Street reacted to deteriorating U.S.-Iran war developments and weakening consumer sentiment.
  • Consumer sentiment dampened in March with the University of Michigan's index falling to 53.3 from 55.5, missing economists' expectations for only a moderate drop to 54.3.
  • Rising inflation expectations are driving traders to price in a Federal Reserve rate hike by year-end, with a CME FedWatch Tool showing a 23% chance of a 25-basis-point increase.
  • The Nasdaq composite plunged 2.2%, sinking more than 10% below its all-time high and well into an intermediate-term correction.
  • Big Tech stocks including Amazon (AMZN), Salesforce (CRM), and Cisco Systems (CSCO) fell nearly 3% or more due to sector weakness.
  • Unity Software (U) jumped despite AI disruption fears, indicating broader industry concerns about technological competition in the software sector.
  • Alphabet (GOOGL) unit Google announced new compression technology that could reduce memory needs for large language models, posing a competitive threat to memory chip stocks like Western Digital (WDC).
  • Western Digital (WDC) found support at its 50-day moving average only after Seagate Technology (STX) extended losses in the storage sector.
  • Micron (MU) triggered multiple sell signals by falling more than 7% below a buy point of 455.50 and undercutting its base, signaling continued pressure on memory chip valuations.
Full Analysis
The Dow Jones Industrial Average entered a correction, tumbling 793 points or 1.7% at the Friday closing bell, while the S&P 500 and Nasdaq Composite also posted significant losses of 1.7% and 2.2%, respectively. This downturn marked the fifth week of continuous losses for major indices as Wall Street reacted to geopolitical tensions regarding the U.S.-Iran war and a weakening in consumer sentiment. The University of Michigan's Consumer Sentiment Index fell to 53.3 from 55.5 in February, missing economist expectations of 54.3, which further dampened market mood amid growing concerns over inflation and potential Federal Reserve rate hikes. Commodity prices surged alongside the stock declines, with West Texas Intermediate futures jumping more than 5% to flirt around $100 a barrel and Brent oil settling above $112 per barrel. The benchmark 10-year Treasury note yield rose two basis points to 4.40%, reflecting a market pricing in a 23% probability of a 25-basis-point rate hike by year-end. Gold also advanced nearly 3%, surpassing $4,500 an ounce, while trading volumes on the New York Stock Exchange and Nasdaq remained elevated compared to the prior session, with decliners outnumbering advancers by more than 3-to-1. Sector performance was mixed, with health care stocks like AstraZeneca rising nearly 4% after positive phase 3 trial results for a lung disease treatment, and Novartis dipping slightly following an announcement to acquire Excellergy for up to $2 billion. Within the technology sector, Micron rebounded to break its six-day losing streak but remains below key technical indicators such as its 50-day moving average and buy point of 455.50. Western Digital found support at its 50-day moving average after extending losses alongside Seagate Technology, while Amazon, Salesforce, and Cisco Systems fell nearly 3% due to broader tech weakness. Unity Software jumped more than 10% after raising preliminary first-quarter EBITDA guidance, and Entergy surged nearly 8% following an expansion of its Louisiana data center power contract with Meta Platforms.