Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.8%), and DJIA (-0.4%) now trade lower across the board as losses across tech, and in particular, semiconductor names, begin to ramp. The major averages now all sit in negative week-to-date territory.

The top-weighted information technology sector is now down 2.2%, with the PHLX Semiconductor Index down a sharp 4.4%. 

NVIDIA (NVDA 185.83, -9.80, -5.01%) is trading lower despite reporting a robust Q4 (Jan) beat-and-raise, as investors digest massive gains and weigh sustainability. However, Q1 (Apr) revenue guidance stood out in a big way, easing concerns about any slowdown in AI infrastructure spending. Notably, the Q1 outlook assumes zero Data Center compute revenue from China, making the guidance even more impressive. Management also stated it expects Data Center sequential revenue growth throughout calendar 2026 and indicated it is nearing a partnership agreement with OpenAI.

Broadcom (AVGO 310.26, -22.05, -6.64%) and Lam Research (LRCX 231.96, -17.52, -7.02%) trade with even steeper losses.