Stock Market Update
01-Jul-26 10:05 ET
Modest losses as semiconductors pull back
Dow -24.92
at 52294.28,
Nasdaq -109.86
at 26124.86,
S&P -13.94
at 7485.42
[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.5%), and DJIA (-0.1%) are modestly lower this morning as chipmaker stocks give back some of their previous strength while the broader market is mixed.
The PHLX Semiconductor Index (-3.6%) has effectively cut this week's gain in half with its opening weakness, weighing on the information technology sector (-1.3%). Some of yesterday's standouts, including Corning (GLW 227.28, -28.15, -11.02%) and Sandisk (SNDK 2085.94, -187.79, -8.26%) are among the laggards, though the sector's non-chipmaker "magnificent seven" components, Apple (AAPL 292.22, +2.86, +0.99%) and Microsoft (MSFT 378.18, +5.16, +1.38%), hold solid gains.
Meta Platforms (META 615.23, +51.94, +9.22%) is a standout among the group after Bloomberg reported the company is building a cloud business to sell access to AI compute, pushing the communication services sector (+2.3%) firmly higher.
Gains and losses are both relatively modest as breadth figures remain narrow, similar to yesterday's session.
The final reading of the June S&P Global U.S. Manufacturing PMI came in at 53.9, down from the prior reading of 55.7.
Construction spending increased 0.1% month-over-month in May (Briefing.com consensus 0.5%) after increasing a revised 0.3% (from 0.4%) in April.
The ISM Manufacturing Index hit 53.3% in June (Briefing.com consensus 53.8%), down from 54.0% in May.
