Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.3%) and Nasdaq Composite (-0.4%) continue to trade near session lows, while the DJIA (+0.3%) moves further above its baseline. 

Beleaguered chipmaker Intel (INTC 25.12, +1.26, +5.28%) is trading higher following a Bloomberg report that the Trump administration is exploring a potential equity stake in the chipmaker, possibly utilizing funds from the CHIPS and Science Act. Discussions are in early stages, with no finalized terms or guarantee of a deal, and may involve converting existing CHIPS Act grants.

Despite the gain in INTC, chipmakers face pressure today, following Applied Materials' (AMAT 163.78, -24.46, -12.99%) downside guidance and separate reports that President Trump will announce tariffs on chips and semiconductors as early as next week. 

The PHLX Semiconductor Index is down 2.2% today, narrowing its week-to-date gains to 1.4%, and the broader technology sector (-0.9%) is the worst-performing S&P 500 sector today.