Stock Market Update
02-Sep-26 12:00 ET
Software weakness weighs against semiconductor gains
Dow +254.37
at 53021.25,
Nasdaq +96.45
at 26217.28,
S&P +37.00
at 7668.47
[BRIEFING.COM] The major averages remain near session highs at midday.
The information technology sector's (+0.4%) move into positive territory helped push the major averages to session highs. The sector is supported by a 0.7% gain in the PHLX Semiconductor Index, with NVIDIA (NVDA 227.47, +10.03, +4.61%) a notable standout today.
However, pronounced weakness across software stocks continues to limit the advance. The iShares Expanded Tech-Software Sector ETF is down 2.7% today and 5.7% for the week, leaving software among the market's weakest areas so far this week. Palo Alto Networks (PANW 329.66, -32.43, -8.96%) is a notable source of today's pressure despite closing FY26 on a strong note and issuing an above-consensus FY27 outlook. The company beat Q4 earnings and revenue expectations, while its Q1 and FY27 guidance also exceeded estimates amid continued strength in platformization and security demand. The negative reaction appears to reflect elevated expectations following the stock's strong run rather than a notable deterioration in execution, with Palo Alto Networks joining Palantir Technologies (PLTR 166.73, -13.19, -7.33%) and CrowdStrike (CRWD 204.04, -11.04, -5.13%) among the software names under pressure today.
