Stock Market Update

[BRIEFING.COM] The major averages continue to retreat below their opening levels amid increased selling activity. 

The information technology sector (-1.0%) faces additional pressure in its semiconductor components after President Trump stated in a CNBC interview that he will soon announce separate tariff rates for semiconductors and chips.

NVIDIA (NVDA 176.14, -3.86, -2.1%) is down as a result, and the PHLX Semiconductor Index posts a loss of 1.9%.

Underperformance in semiconductor stocks is masking a notable gain in Palantir Technologies (PLTR 173.11, +12.46, +7.8%), which reported strong Q2 earnings and an impressive 48% increase in revenues year-over-year. The company also issued upside revenue guidance for Q3 and FY25.