Stock Market Update

[BRIEFING.COM] The major averages remain near their session lows in late-afternoon trading, with weakness in mega-cap technology stocks continuing to weigh on the broader market.

In addition to Amazon's (AMZN 245.20, -9.40, -3.69%) earnings report after the close, investors are awaiting results from Sandisk (SNDK 1329.47, -75.30, -5.36%), which is trading sharply lower ahead of its Q1 release. Shares have fallen 23% in October but remain up an extraordinary 467% year-to-date, reflecting the substantial expectations surrounding AI-driven demand for memory and storage products. Sandisk's results will provide an important look at NAND pricing trends and demand from data center customers, which have fueled the company's rapid earnings growth. The FactSet consensus calls for EPS of $46.67 on revenue of $10.72 billion, with the earnings estimate sitting above management's guidance of $44.00-$46.00 per share.

Investors will be particularly focused on forward guidance, pricing strength, and whether accelerating data center demand can sustain the company's exceptional margins and earnings growth. The report could also have broader implications for memory stocks as investors continue to scrutinize the sustainability of AI-related investment and demand.