MARKET: Mixed opening on Wall Street – Sandisk shares down 10 percent

Trading in the United States opened unevenly on Thursday.

The flagship Dow Jones index opened up 0.2 percent. The broad S&P500 opened 0.01 percent lower. The technology-focused Nasdaq fell 0.4 percent when the market opened.

Sandisk the stock was down more than ten percent at the beginning of trading. On Wednesday, the memory manufacturer announced the result of the fourth quarter of the fiscal year, which failed to convince investors. Sandisk’s result fell short of analysts’ forecasts.

Elon Musk’s SpaceX’s the first transfer limitation period for the shares is about to expire, and more than 900 million company shares are about to be released to the market.

The staggered process will give early investors their first opportunity to sell SpaceX shares, which could weigh on the stock price. After trading started on Thursday, the space company’s share was up a moderate 0.9 percent.

On Wednesday, SpaceX’s stock fell as much as 13 percent. The stock has clearly fallen below its listing price of $135. At the time of review, the company’s share cost a little over 109 dollars.

Oil price around 80 dollars

The price of oil rose slightly on Thursday as investors waited for Iran and Oman to finally reach an agreement that would open the Strait of Hormuz. According to media reports, under the temporary agreement, no fees or customs duties would be charged for traffic passing through the strait.

At the time of the afternoon review, the price of Brent crude oil was up 0.2 percent at around $80 per barrel. The price of the US WTI oil grade was up 0.1 percent at around $75 per barrel.

Lowering the price of oil to around $80 eases inflation concerns and supports risk-taking.

“The market has seen plenty of false glimmers of hope during the conflict. While the details are becoming more concrete, the focus is now shifting from whether a deal can be reached to what the final arrangements will look like. Questions about whether Iran will eventually be allowed to charge ships using the strait are also being resolved.” Deutsche Bank strategist Jim Reid commented on CNBC.

In the US, 199,000 new applications for unemployment compensation were made in the week ending August 1. A consensus of analysts compiled by Bloomberg expected about 205,000 new jobless claims. However, the number was lower than the previous week.