Stock Market Update

[BRIEFING.COM] In our last update we highlighted the outperformance of the Dow Jones Industrial Average today. We'll flip the script now and highlight the Nasdaq Composite's underperformance today.

The latter is owed in large part to the underperformance of the mega-cap stocks, yet it goes beyond that as breadth figures suggest. Decliners lead advancers at the Nasdaq by a roughly 7-to-4 margin.

The Nasdaq's weakness might be governed by the mega-cap stocks, yet the broader unwinding of the momentum trade persists as an index driver, too.

Semiconductor stocks comprise another influential pocket of weakness weighing on the Nasdaq. The Philadelphia Semiconductor Index is down 2.2% and back close to its lows for the session, dealing with reports that the Trump administration is looking at tightening restrictions on chip exports to China.

In other political news, FT is reporting that Ukraine has agreed to a deal with the United States regarding joint development of its mineral resources.