Stock Market Update
02-Jul-26 10:35 ET
Semiconductors reverse lower
Dow +418.37
at 52723.61,
Nasdaq +19.60
at 26080.63,
S&P +31.22
at 7514.45
[BRIEFING.COM] The S&P 500 (+0.5%) and Nasdaq Composite are off their best levels of the morning as semiconductor names reverse from their early gains. The PHLX Semiconductor Index is now down 1.8%, which pushes the information technology sector (+0.2%) back towards its flatline.
Factory orders declined 1.3% month-over-month in May (Briefing.com consensus: 1.5%) following an upwardly revised 5.3% increase (from 4.8%) in April. Excluding transportation, factory orders increased 1.9% on the heels of a 1.7% increase in April. Shipments of manufactured goods jumped 1.6% after increasing 1.3% in April.
The key takeaway from the report is that the headline weakness was a function of a large decline in volatile transportation equipment orders. Exclude that factor, and factory orders were quite solid in May.
