Stock Market Update

[BRIEFING.COM] The stock market has hovered around its relatively flat start, with the S&P 500 unchanged, the Nasdaq up 0.1%, and the DJIA trailing with a loss of 0.3%. 

President Trump announced in a Truth Social post that no extensions will be granted past August 1 for countries that were sent letters yesterday, or in the near future, confirming their respective tariff rates. 

Reports now suggest that the Trump administration is expecting to send a letter to the EU in the coming days, despite initial reports that suggested otherwise.

Today's market has seen an outperformance in small-cap and mid cap- stocks as the Russell 2000 is up 1.0% and the S&P Midcap 400 Index is up 0.9%.

On the contrary, mega-cap stocks have underperformed with the Vanguard Mega Cap ETF (-0.1%) lagging the broader market.

Amazon (AMZN 220.65, -2.82, -1.3%) has faced pressure after it was reported by Bloomberg that initial sales are down 14% in the early hours of its Prime Day sale, stifling gains in the consumer discretionary sector (-0.2%) despite a strong rebound from yesterday's negative headlines by Tesla (TSLA 301.87, +7.93, +2.7%).

The financials sector (-0.8%) has also underperformed due in large to HSBC downgrading key components JPMorgan Chase (JPM 281.84, -10.13, -3.47%), Bank of America (BAC 47.22, -1.44, -3.0%), and Goldman Sachs (GS 699.35, -11.58, -1.6%).

The top-weighted information technology sector (+0.5%) is among today's top performers, with an impressive showing from chip stocks raising the PHLX Semiconductor Index 2.2%, effectively negating yesterday's loss that followed headlines of AI chip export restrictions to Thailand.

The Energy sector (+2.6%) is the best performing sector, with top-weighted oil companies benefitting from an increase in crude prices and news that President Trump signed an executive order to eliminate subsidies for "green" energy sources like wind and solar "in furtherance of the One Big Beautiful Bill Act."