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Wall Street Mixed as US-Iran Deal Looms and Chipmakers Stumble
Electronic Technology · Semiconductors · yonhap_finance · 2026-08-06
US markets traded mixed while awaiting details on a US-Iran maritime agreement, as disappointing guidance from major semiconductor firms weighed on sentiment.
What Happened
US-Iran Negotiations: Markets are closely monitoring progress on a 60-day interim agreement between the US and Iran regarding the opening of the Strait of Hormuz. While officials suggest a joint statement is in the final stages, lingering disagreements over potential fees keep investors cautious.
Semiconductor Sector Weakness: Tech stocks faced downward pressure after SanDisk and Western Digital issued guidance that failed to meet high investor expectations. Western Digital, in particular, saw its shares plummet by over 12% following a disappointing earnings and revenue outlook, dragging down peers like Micron and Intel.
Corporate Performance: Moderna shares rose following FDA approval for its mRNA flu vaccine for adults over 50, while AppLovin suffered a sharp decline due to weak quarterly profit forecasts. Sector performance was varied, with healthcare and energy showing strength while real estate and materials lagged behind.
Global Market Sentiment: European indices generally trended higher, reflecting a degree of optimism in international markets. Meanwhile, crude oil prices climbed as traders balanced geopolitical developments in the Middle East with ongoing supply concerns.