Stock Market Update

[BRIEFING.COM] The major averages are on a steady retreat from their record-setting early levels, with the S&P 500 (+0.3%) and Nasdaq Composite (+0.7%) defending their advances, while the DJIA (-0.3%) finds itself in negative territory. 

The retreat is due in part to gains in the technology sector (+0.5%) narrowing, as the sector was up 1.2% in the early trade. Chipmakers continue to underperform, contributing to a 2.2% loss in the PHLX Semiconductor Index.

In macro-related news, President Trump agrees to extend the 25% tariff rate on Mexico for 90 days while the two nations work on signing a trade deal; Mexico has agreed to immediately terminate its non-tariff trade barriers.

Additionally, Fox Business reporter Edward Lawrence stated via X "A White House Official tells me that tariffs will snap back to April 2nd levels starting at 12:01a Aug 1st for countries without a framework agreement or for countries that have been assigned a tariff rate through a letter or announcement."