Stock Market Update
02-Oct-26 12:35 ET
Select memory names under heavy pressure
Dow +195.28
at 51121.75,
Nasdaq +332.95
at 27225.58,
S&P +56.92
at 7723.47
[BRIEFING.COM] The major averages trade in a steady range just after midday.
The information technology sector (+1.2%) is seeing some notable divergence today even as semiconductor stocks broadly rally, with the PHLX Semiconductor Index up 3.1%.
Western Digital (WDC 404.21, -58.35, -12.61%) and Seagate Tech (STX 826.54, -119.03, -12.59%) are under heavy pressure after Toshiba announced an expansion of HDD production in the Philippines, raising concerns that additional industry capacity could eventually loosen the tight supply-demand environment that has supported strong pricing and margins. WDC and STX are not components of the PHLX Semiconductor Index.
Meanwhile, onsemi (ON 84.17, +4.09, +5.11%) is sharply higher after restructuring its proposed Synaptics (SYNA 121.24, +15.08, +14.21%) acquisition into a $123-per-share all-cash transaction, eliminating the share dilution associated with the previously announced all-stock deal and accelerating the expected timeline for EPS accretion.
