Stock Market Update

[BRIEFING.COM] The major indices trade at or near session lows. The S&P 500 is down more than 100 points.

Semiconductor-related names participated in today's retreat, drawing outsized selling interest following news that President Biden is planning an additional round of restrictions on AI chip exports, according to Bloomberg. The PHLX Semiconductor Index (SOX) trades 3.0% lower and nearly every component sports a loss.

Chipmaker components have weighed down the S&P 500 information technology sector (-2.8%), along with losses in Microsoft (MSFT 416.45, -8.09, -1.9%) and Apple (AAPL 235.17, -7.56, -3.1%).