US Stock Market Move | Storage concept stocks opened high but closed lower, with SanDisk (SNDK.US) giving back its gains and turning negative.

On Friday, U.S. stocks in the storage sector continued their upward momentum at the market open, with SK Hynix (SKHY.US) and SanDisk (SNDK.US) rising nearly 9%, Western Digital Corporation (WDC.US) and Seagate Technology Holdings PLC (STX.US) increasing nearly 8%, and Micron Technology, Inc. (MU.US) gaining over 6%. As of the time of writing, the gains of these stocks had significantly narrowed, with Micron and SanDisk giving back their gains and turning negative. In news, Kioxia released its quarterly earnings report for the period from April to June on Friday afternoon; however, the results fell short of expectations, indicating that the surge in flash memory prices driven by artificial intelligence may be slowing down. The earnings report showed that Kioxia's revenue for the first quarter ending in June rose more than fourfold year-on-year to 1.77 trillion yen; operating profit reached 1.27 trillion yen, soaring 27 times year-on-year but below the market expectation of 1.37 trillion yen; net profit totaled 842.17 billion yen, also falling short of expectations.