Stock Market Update

[BRIEFING.COM] The major averages have seen some early divergence with the Nasdaq (-0.9%) slipping to a fresh low while the Dow (+0.6%) has built on its early gain.

The selling pressure in the Nasdaq comes as chipmakers widen their opening losses with the PHLX Semiconductor Index (-1.3%) deepening its reversal from levels not seen since nearly a year ago while the broader technology sector has also faced some recent pressure after a banner showing in Q2. Palantir (PLTR 130.22, -6.10, -4.47%) and AMD (AMD 136.89, -5.01, -3.53%) are among the weakest performers in the tech sector with the former seeing a continuation of its recent volatility as it approaches its 50-day moving average (125.40) while the latter is deepening last week's reversal from levels not seen since November.

The Dow, meanwhile, is receiving support from gains in more than half of its components even though top listings Goldman Sachs (GS 703.32, -4.42, -0.63%) and Microsoft (MSFT 496.68, -0.73, -0.15%) trade lower.