🔴 WDC Trading Down 8.1% Amid Broader Tech Sell-Off, Recent Analyst Downgrade, and SanDisk Share Swap Close

Western Digital (WDC) is trading 8.1% down at $673.25 amidst a broader tech market sell-off, with Nasdaq futures falling significantly on Tuesday.

• The decline follows a recent analyst downgrade from Fox Advisors, which moved WDC from 'Outperform' to 'Equalweight' on the prior session.
• Investors are also reacting to the close of the SanDisk share swap on June 22nd, which was expected to trigger arbitrage-driven hedging and selling pressure.
• Broader market concerns about overvalued AI stocks and looming interest rate hikes are contributing to the rotation out of recently extended tech names.