Stock Market Update

[BRIEFING.COM] The semiconductor rebound has lost considerable momentum this afternoon. The PHLX Semiconductor Index is now up 1.6% after being up as much as 3.7%, reducing the group’s contribution to the broader advance. The Nasdaq Composite remains ahead with a 1.2% gain, while the S&P 500 is up 0.5%, both below their earlier highs.

The initial rebound followed an 11.4% drop in the SOX last week, its worst week since April 2025. Intel (INTC 92.27, +2.42, +2.69%) provided early support following an upgrade to Neutral from Underweight at JPMorgan, while Micron (MU 906.14, +27.30, +3.11%) and Sandisk (SNDK 1375.00, +75.70, +5.83%) participated in an early recovery among memory-related names after sharp prior-session weakness.

Confidence remains fragile amid concerns about debt-funded AI and data-center spending, with CoreWeave (CRWV 59.85, -1.54, -2.51%) remaining central to that debate despite an upgrade to Buy from Neutral at Goldman. CoereWeave had been up as much as 7.3% today but has given back the entirety of that gain and then some.

Separately, BTIG said a near-term semiconductor rebound was plausible but maintained that the broader setup remains vulnerable, a view that could encourage investors to reduce exposure into strength. The SOX retreat has consequently taken some momentum out of the technology-led recovery and limited the overall market’s progress this afternoon.