Dow Jones snaps 5-day winning streak, S&P 500 declines as oil prices rise

Wall Street witnessed a bearish trend on Thursday, with all three major indexes closing in the negative territory.

The Dow Jones Industrial Average, snapping its 5-day winning streak, lost 0.85% to settle at 53,885.10. The S&P 500 slipped 0.18% to 7,709.96, while the NASDAQ Composite ended flat with negative bias at 26,348.35, down 0.06%.

The firm’s revenue from core operations jumped 51% to $8,965 million in Q4 2026 as against $5,950 million in Q3 2026, as per the filing data.

“We closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar, and deepened our customer partnerships,” said David Goeckeler, Chairman and Chief Executive Officer of Sandisk. "Our technology and products are well positioned to create value for our customers and generate growing and durable free cash flow."

Data storage company Western Digital reported a 44% year-on-year increase in revenue to $3.75 billion in the June quarter. However, its future guidance fell short of investors' expectations.

Honeywell Aerospace slid over 21% after its earnings fell short of forecasts. AppLovin tumbled 18.4% on mixed quarterly results.

Oil prices also rebounded amid uncertainty about the reopening of the Strait of Hormuz. Brent crude, the international standard, advanced 1.01% to $83.32 per barrel, while West Texas Intermediate climbed 1.02% to $78.05 a barrel.

Iran is said to be close to a deal with Oman to open the waterway.

However, explosions were reported near Qeshm Island in the Strait of Hormuz, with Iran attacking "hostile vessels," according to Iran's semi-official Fars News Agency.

The draft plan, as per the reports, suggests that Iran wants to block Israeli and US ships from the strait. It also wants to impose compensation charges on hostile countries.

Addressing reporters on Thursday, US President Donald Trump said that he believes that war with Iran would end pretty soon.