Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.3%), Nasdaq Composite (-1.7%), and DJIA (-1.1%) continue to chart session lows, with today's weakness sending the S&P 500 firmly below its 50-day moving average (6,882.21). 

While Alphabet's (GOOG 317.57, -15.77, -4.73%) massive capital expenditure plans briefly sent semiconductor stocks higher this morning, the gains have been ceded, and the information technology sector (-1.5%) is now firmly lower.  The PHLX Semiconductor Index (-1.6%) is down similarly. 

Qualcomm (QCOM 134.28, -14.61, -9.81%) is a notable laggard, falling to its lowest level since mid-April. The company beat Q1 EPS expectations and issued below-consensus guidance for Q2. BofA Securities downgraded the stock to Neutral from Buy with a $155 target, while Susquehanna downgraded shares to Neutral from Positive with a $140 target.