Sandisk leads S&P 500 gainers as Dow drops 1,150 points

Sandisk jumped to the top of the S&P 500 on Thursday, breaking a four-day losing streak as the broader market tumbled on a hawkish Federal Reserve hold and surging oil prices.

The rally marked the stock's best single-day performance since January, according to trading data. Sandisk had declined for four consecutive sessions before Thursday's reversal, following a difficult month that had weighed on the memory-chip maker's shares.

The broader market moved in the opposite direction. The Dow Jones Industrial Average dropped 1,150 points after the Fed held interest rates steady, dashing hopes for a near-term pivot toward easing. A surprise attack on Iran sent oil prices sharply higher, compounding inflation concerns and pressuring equities across sectors, according to reports.

Semiconductor stocks were among the hardest hit in the selloff, making Sandisk's outperformance particularly notable. While chipmakers broadly declined amid the rate-sensitive rout, Sandisk — a maker of NAND flash memory and solid-state drives — attracted buyers as traders rotated into names tied to AI-driven storage demand.

Sandisk's position as the largest holding in the Invesco S&P Spin-Off ETF, at a 9.5% weight, has also drawn interest from event-driven investors who target recently separated companies, according to the fund's latest disclosure. The CSD ETF returned 53% over the trailing 12 months, nearly doubling the S&P 500's 16% gain during the same period.

For investors, the key question is whether Thursday's bounce signals a genuine reversal or a one-day technical rebound. With the Fed signaling no near-term rate cuts and geopolitical risks escalating, the macro environment remains challenging for high-beta names. Sandisk's next major catalyst will likely come from its quarterly earnings report, which has not yet been scheduled.

This article is for informational purposes only and does not constitute investment advice.