Wall Street closed mixed on Thursday as investors weighed a wave of earnings reports, rising oil prices and renewed pressure on technology stocks. No single theme dominated the session, but the trading action suggested a more cautious tone as earnings season winds down and investors look beyond headline beats to guidance and positioning.

SpaceX Shares Fall After Lock-Up Expiry

SpaceX shares declined after the company’s IPO lock-up period expired. The end of the lock-up allows early investors, employees and insiders to sell shares they had previously been restricted from selling.

While a lock-up expiry does not change a company’s underlying business, it can increase the number of shares available in the market and create short-term selling pressure.

Analysts continue to view SpaceX as a major long-term growth story, citing its satellite internet business, rocket launch services and the Starship programme. Investors are now watching trading volumes to see whether the selling pressure eases in the coming weeks, a reminder that trading mechanics can matter even when the company’s underlying outlook is unchanged.

Chip Stocks Weaken After Cautious Guidance From SanDisk and Western Digital

The Nasdaq underperformed the broader market as technology stocks came under pressure. Memory storage companies SanDisk and Western Digital were at the center of the decline.

Both companies reported quarterly results that beat analyst expectations. However, their forward guidance was cautious, and that was enough to send their share prices sharply lower.

The weaker outlooks also weighed on the broader semiconductor sector. Some investors are growing concerned that parts of the AI hardware supply chain could face slower growth after a strong run.

Many analysts still view artificial intelligence as a long-term growth driver. Even so, the session showed that investors are paying closer attention to valuations and the quality of future earnings, not just headline results, especially in parts of the market where expectations have already been elevated.

Oil Rises Back Above $80 Per Barrel

Crude oil prices climbed back above $80 per barrel after a period of weakness. The move was supported by better-than-expected global demand data and continued uncertainty in the Middle East.

Markets are closely watching US-Iran negotiations. Any disruption to shipping through the Strait of Hormuz could quickly tighten global oil supplies.

Higher oil prices are positive for energy producers, but they also raise costs for airlines, transport companies and manufacturers. They also keep inflation concerns in focus heading into the second half of the year, which helps explain why energy moves can ripple beyond the commodities market.

Datadog Falls Despite Strong Results

Datadog was one of the session’s more surprising names. The cloud monitoring company reported strong revenue growth and raised its full-year guidance, yet its share price still fell.

The reaction reflected how high investor expectations have become this earnings season. Many software and AI companies are trading at premium valuations, and the market is now demanding strong future growth rates in addition to solid current results.

The move reinforced a clear message from the session: strong earnings alone are no longer enough when expectations are already elevated, and investors are increasingly separating good results from results that clearly exceed a demanding bar.