Storage Sector Drops 4% Amid Nasdaq's 5.19% Weekly Surge

US indices hit highs with Nasdaq up 5.19% weekly, but storage stocks fell sharply as JPMorgan and Citi cut SanDisk targets, contrasting with broad tech gains.

Woofun AI data shows that major US indices closed higher on Friday, August 8th, with the S&P 500 reaching an all-time high and the Nasdaq gaining 1.3%. Weekly cumulative gains were the largest since mid-April, led by the Nasdaq at 5.19%, followed by the S&P 500 at 3.58% and the Dow Jones at 2.96%. While technology stocks like NVIDIA and Tesla rose over 2%, and SpaceX shares surged more than 15% post-lockup expiry, the storage sector declined broadly. Seagate Technology dropped over 4%, while Western Digital, SanDisk, and SK Hynix ADRs fell more than 3%. JPMorgan lowered its 12-month target price for SanDisk from $3,000 to $1,750, and Citi reduced its target from $2,500 to $2,100.