Stock Market Update
26-Jun-26 10:05 ET
Semiconductor retreat weighs on major averages
Dow -71.49
at 51849.13,
Nasdaq -112.55
at 25267.05,
S&P -7.94
at 7349.55
[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.5), and DJIA (-0.1%) are modestly lower this morning as tech names face a continuation of recent weakness against a backdrop of mixed strength in the broader market.
The top-weighted information technology sector (-1.0%) is under pressure as its semiconductor components retreat from yesterday's highs. onsemi (ON 95.98, -22.76, -19.16%) is the worst-performing S&P 500 name after announcing the company will acquire Synaptics (SYNA 128.98, +3.36, +2.67%) in a $7 billion all-stock deal, while Micron (MU 1186.87, -26.69, -2.20%)gives back a chunk of yesterday's post-earnings gain. The PHLX Semiconductor Index is down 3.3%.
Weakness across semiconductor stocks weighs on electrical product names in the industrials sector (-0.8%), while the communication services sector (-0.8%) faces a continuation of weak leadership from Alphabet (GOOG 336.48, -5.71, -1.67%).
Meanwhile, six S&P 500 sectors trade higher, with the defensive health care (+2.8%) and consumer staples (+1.2%) sectors outperforming again.
Just released, the final reading of the June University of Michigan Consumer Sentiment Index rose to 49.5 (Briefing.com consensus 48.9) from the preliminary reading of 48.9.
