Stock Market Update

[BRIEFING.COM] The major averages continue to steadily chart session lows with roughly an hour remaining in today's session. The S&P 500 (-2.5%), Nasdaq Composite (-3.8%), and DJIA (-1.5%) are facing increasingly pronounced losses, with the tech-heavy Nasdaq extending its sharp October reversal.

The Nasdaq has now retreated roughly 9% from its October peak near 27,700, falling decisively below its 50-day moving average near 26,570 and undercutting its late-October lows. The deterioration in technical momentum reflects continued selling pressure across growth stocks amid disappointing earnings reactions and mounting concerns about AI infrastructure spending. The PHLX Semiconductor Index (-9.0%) is leading the retreat, having fallen below its 200-day moving average and remaining on pace for another week of losses (-2.3% WTD). The pronounced weakness in semiconductors is adding to the broader deterioration in technology stocks, while the Nasdaq's psychologically important 25,000 level is emerging as the next area to watch, followed by its late-July low near 24,400.