Nasdaq Futures Slip as Western Digital and Sandisk Sink on Disappointing Guidance

September Nasdaq 100 E-Mini futures (NQU26) are down -0.42% this morning as concerns about the AI trade linger after forecasts from Western Digital and Sandisk fell short of investors' lofty expectations.

Western Digital (WDC) tanked over -14% in pre-market trading after the storage maker issued good but not great FQ1 guidance, failing to meet investors' lofty expectations. Also, Sandisk (SNDK) slumped more than -9% in pre-market trading after the memory maker issued disappointing FQ1 revenue guidance, overshadowing its strong FQ4 results. Those losses spilled over into other AI-related stocks and weighed on Nasdaq 100 futures.

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Meanwhile, the price of WTI crude edged higher on Thursday as investors awaited further developments in the Middle East. Iran said on Wednesday it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, with a joint statement from the two countries under review, according to Iranian officials. However, a lasting U.S.-Iran agreement remains elusive, with U.S. President Donald Trump saying on Wednesday he would "see what happens" in the ongoing negotiations.

Market participants are now awaiting a fresh batch of U.S. economic data and corporate earnings reports.

In yesterday's trading session, Wall Street's three main equity benchmarks ended mixed. Insulet (PODD) tumbled over -20% and was the top percentage loser on the S&P 500 after the medical device maker cut its full-year revenue growth guidance. Also, SpaceX (SPCX) plunged more than -13% and was the top percentage loser on the Nasdaq 100 after Elon Musk's rocket, satellite, and AI conglomerate posted higher-than-expected spending on its AI business in Q2, and finance chief Bret Johnsen said heavy capital expenditures are expected to continue this year. In addition, Advanced Micro Devices (AMD) slumped over -7% after the chipmaker issued Q3 revenue guidance that failed to impress investors, and SpaceX CEO Elon Musk said the rocket and AI company would exclusively use chips from rival Nvidia. On the bullish side, Charles River Laboratories (CRL) climbed more than +11% and was the top percentage gainer on the S&P 500 after the contract drug developer posted better-than-expected Q2 results and raised its full-year EPS guidance.