US Major Indices Decline as Oil Surges 3% and Storage Stocks Slump

Dow, S&P 500, and Nasdaq close lower amid rising geopolitical risks and oil prices. Storage and AI software sectors suffer heavy losses despite strong earnings from key players.

Woofun AI data shows that the three major U.S. stock indexes closed lower, with the Dow dropping 0.85%, the S&P 500 falling 0.18%, and the Nasdaq declining 0.06%. Microsoft rose over 2% to a new high since November last year, while oil prices surged more than 3% due to reemerging geopolitical risks. Inflation pressure resurfaced, weighing on the market as investors awaited Friday's non-farm payroll report.

Storage sector stocks declined sharply after SanDisk and Western Digital reported better-than-expected earnings. Western Digital fell over 13%, while Kioxia ADR and SanDisk dropped more than 6%. The Roundhill Storage ETF fell over 4%, SK Hynix decreased around 5%, and Micron Technology fell over 1%. AI application software stocks also suffered steep losses, with Datadog and Applovin plunging over 19%, EPAM Systems dropping over 15%, and Axon Enterprise falling over 14%.