Stock Market Update

[BRIEFING.COM] Tech and mega-cap leadership keep the S&P 500 (+0.7%) and Nasdaq Composite (+1.2%) firmly higher at midday, while some weakness in the broader market has the DJIA back on its flat line.

Western Digital (WDC 426.46, -8.06, -1.86%)  rebounded to a new record high before pulling back a bit after handily beating expectations and issuing upside guidance in its Q3 (Mar) report last night. The high-capacity HDD storage supplier's EPS nearly doubled year-over-year, while revenue surged 45.5% year-over-year to $3.38 billion. Additionally, for Q4, WDC expects EPS of $3.10-3.40 and revenue of $3.55-3.75 billion, implying roughly 96% and 40% growth at the midpoints, respectively.

Seagate Tech (STX 715.59, +41.95, +6.23%) +3.5% is nicely higher and reaching new all-time highs today as Western Digital's strong Q3 report appears to be providing a positive read-through, reinforcing favorable HDD tailwinds around cloud demand, pricing, and AI-driven storage needs despite WDC's own sell-the-news reaction.