Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+1.0%) are higher and the Dow Jones Industrial Average trades off its session low. The major indices pulled back from session highs after the White House told CNBC that the report that President Trump is considering 90 day tariff pause is "fake news," adding that President Trump is "not backing off."

Rebound action in the semiconductor space has provided some support to the major indices, along with gains in some mega caps. The PHLX Semiconductor Index (SOX) trades 3.1% higher, led by NVIDIA (NVDA 97.10, +2.66, +2.8%) and Broadcom (AVGO 152.91, +6.64, +4.4%). 

There's also some optimism around tariff negotiations after a Reuters report that the EU wants to prioritize negotiation rather than retaliation.