U.S. stocks traded mixed in early trading on Thursday, with the Nasdaq slipping as sharp declines in semiconductor and technology stocks offset gains in the broader market.
As of 9:44 a.m. EDT, the Nasdaq Composite was down 17.51 points, or 0.07%, at 26,345.93. The S&P 500 edged up 7.44 points, or 0.10%, to 7,730.99, while the Dow Jones Industrial Average gained 83.63 points, or 0.15%, to 54,432.75.
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The tech-heavy index was weighed down by SanDisk, whose shares plunged about 9% after the company's fiscal fourth-quarter results failed to meet investors' expectations.
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AppLovin also slumped 19% after reporting mixed quarterly results, while Western Digital fell 14% after issuing weaker-than-expected first-quarter guidance, despite posting fourth-quarter earnings that beat analysts' estimates.
Investor sentiment also remained cautious as markets monitored negotiations involving Iran and Oman over reopening the Strait of Hormuz, a key global oil shipping route.
Oil prices edged higher after reports suggested the two countries were moving closer to a temporary agreement that would allow shipping through the strait without fees or tolls.
Separately, investors were also watching SpaceX, where the first lock-up period for more than 900 million shares is due to expire. The release could allow early investors to sell their holdings for the first time, potentially increasing supply in the market.
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Across asset classes, the 10-year U.S. Treasury yield rose 2 basis points to 4.64%. WTI crude gained 1.3% to $76.19 a barrel, while spot gold was little changed. The U.S. Dollar Spot Index was largely flat, and Bitcoin fell about 1% to around $64,134.
Earlier in the day, Asian markets ended mostly lower, with Japan's Nikkei 225 falling 0.93% and South Korea's Kospi tumbling 4.58%, while European equities traded broadly higher after the open
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