Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%) and Nasdaq Composite (-1.5%) steadily retreat further into negative territory, while the DJIA (-0.1%) trades just beneath its flatline. 

Chipmakers are under considerable pressure again today as profit-taking in mega-cap names extends to the semiconductor space. NVIDIA (NVDA 169.50, -6.14, -3.50%) widens its week-to-date loss to 5.9%, with Broadcom (AVGO 282.94, -11.97, -4.06%) widening its own week-to-date loss to 7.5%

The PHLX Semiconductor Index is down 3.0% today, and the broader technology sector has retreated 2.0%.

In related news, Reuters reported that the Trump administration is considering using Chips Act funding to take equity in additional companies instead of providing grants.