Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.2%), and DJIA (-1.2%) now all sit below their 50-day moving averages as the market enters the final hour of the session. 

Peter Thiel's fund, Thiel Macro LLC, fully divested its ~537,742-share stake in NVIDIA (NVDA 185.06, -5.11, -2.69%) during the third quarter. This move diverges from prevailing market expectations about persistent AI chip demand and underscores renewed valuation concerns within the AI hardware sector.

Other chipmaker names showed resilience earlier in the session but have since succumbed to increased selling pressure. The PHLX Semiconductor Index is now down 2.3%, which widens its month-to-date loss to 7.9%.