Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%) has seen a continuation of its reversal from its opening high, though only five sectors trade in the red at this time.

Top-weighted technology (-0.8%) is one of those five groups, becoming a drag on the broader market with chipmakers facing some recent pressure after The Wall Street Journal reported that the Trump administration is planning to revoke waivers that allow chip companies to use American chipmaking technology in China. The PHLX Semiconductor Index (-1.9%) approached this week's high in early action, but is now sliding toward its closing level from last week.

Elsewhere in technology, Accenture (ACN 288.57, -17.81, -5.81%) is the worst performer in the sector despite beating Q3 expectations, issuing above-consensus EPS guidance for FY25, and raising its dividend by 15%.