Stock Market Update

[BRIEFING.COM] The major indices all trade at least 1.0% lower. The Dow is down more than 450 points and the Nasdaq Composite is down nearly 300 points.

Weakness in the semiconductor space has limited index performance so far. The PHLX Semiconductor Index (SOX) shows a 5.2% decline. The downside action follows earnings from Arm Holdings (ARM 121.77, -22.41, -15.5%), which beat quarterly expectations, but did not increase guidance. 

This has contributed to the underperformance of the S&P 500 info tech sector, which shows a 2.3% decline. The next worst performing sector is energy (-2.0%), responding to dropping oil prices ($77.05/bbl, -0.87, -1.1%).