Stock Market Update

[BRIEFING.COM] The initial selling wave has subsided, as the indices have shifted into more of a lateral disposition that has them much closer to their morning lows than their morning highs.

The bulk of today's selling interest has been directed at mega-cap stocks. The equal-weighted S&P 500 is down just 0.3%.

Nonetheless, buyers have been a reluctant bunch based on price action that has recently turned against the buy-the-dip crowd. Other factors contributing to the reduced buying interest have included the tariff uncertainty, the arrival of disappointing economic data, and tension on the line between the U.S. and China, evidenced by reports that the Trump administration is looking at toughening restrictions on chip exports to China.

The semiconductor stocks are weak today as a group and underperforming the market. The Philadelphia Semiconductor Index is down 2.0%, leaving its down 4.6% for the week and 1.6% year-to-date.