Stock Market Update

[BRIEFING.COM] The major indices are under pressure, falling to session lows in recent trading.

Mega caps and semiconductor shares extended early declines as the market moved lower. The Vanguard Mega Cap Growth ETF (MGK) sports a 1.2% loss and the PHLX Semiconductor Index (SOX) shows a 1.8% decline. 

NVIDIA (NVDA 125.51, -2.75, -2.1%) is among the influential laggards as investors wait on its earnings report after the close, which may impact the market's optimism around AI that has helped fuel recent gains.

AI-related name Super Micro Computer (SMCI 410.50, -137.34, -25.1%) is down sharply on news that it is delaying its annual 10K filing for the fiscal year ended June 30, 2024, to "complete its assessment of the design and operating effectiveness of its internals controls over financial reporting."

This price action has pinned the S&P 500 information technology sector in last place on the leaderboard, trading 1.3% lower.