Markets snap winning streak, focus turns to jobs report and Hormuz standoff

U.S. markets paused after a multi‑day rally, with the Dow down 0.9% and the S&P 500/Nasdaq marginally lower as investors locked in profits ahead of the July jobs report. Tech sentiment softened after weak forecasts from Western Digital and SanDisk pressured Nasdaq futures. Crude oil rebounded sharply on Iran’s proposal to bar U.S./Israeli vessels from the Strait of Hormuz, reversing earlier optimism over a potential deal.

The rupee weakened amid firmer commodities. Nifty remained range‑bound at 24,636, with narrowing volatility. Key resistance lies at 24,770–25,000, while 24,430–23,380 offers support.