Stock Market Update
03-Aug-26 10:35 ET
Chipmakers improve from opening lows
Dow +593.12
at 53078.15,
Nasdaq +370.33
at 25765.20,
S&P +80.65
at 7570.37
[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+1.5%), and DJIA (+1.2%) are adding to their opening gains as chipmaker stocks shed some early weakness, with the PHLX Semiconductor Index now down just a modest 0.4%.
The ISM Manufacturing Index increased to 55.6% in July (Briefing.com consensus 54.0%) from 53.3% in June. The dividing line between expansion and contraction is 50.0%, so the July figure suggests manufacturing activity expanded in July from the prior month.
The key takeaway from the report is that manufacturing activity picked up steam in July, with the PMI logging its highest reading since May 2022.
Construction spending decreased 0.1% month-over-month in June (Briefing.com consensus: 0.3%) following a downwardly revised unchanged reading (from 0.1%) for May. On a year-over-year basis, construction spending was down 3.2%.
The key takeaway from the report is that the softness was driven entirely by residential spending.
