Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.7%), and DJIA (-0.3%) are charting session lows just after midday as selling pressure across technology stocks continues to intensify.

The information technology sector (-2.2%) remains a primary source of weakness, with the PHLX Semiconductor Index down 4.0%. AI and data center infrastructure names are facing particularly sharp losses, with CoreWeave (CRWV 65.51, -12.30, -15.81%), Nebius Group N.V. (NBIS 185.66, -21.20, -10.25%) 188.59, -18.27, -8.83%), IREN Limited (IREN 31.11, -3.69, -10.61%) 31.74, -3.06, -8.79%), TeraWulf (WULF 11.86, -1.34, -10.18%)11.92, -1.28, -9.73%), and Applied Digital (APLD 20.20, -2.24, -9.98%) 20.72, -1.72, -7.66%) falling to multi-week lows. The weakness reflects concerns about rising financing costs following this morning's hot September CPI report. Higher borrowing costs are compounding existing concerns about lofty AI growth expectations and the potential for evolving technology to disrupt current business models.

Elsewhere in the sector, Hewlett Packard Enterprise (HPE 63.56, -5.25, -7.63%) and Dell (DELL 505.99, -66.48, -11.61%) are notable laggards after Barclays downgraded both stocks to Equal Weight from Overweight.