Market Update – Tech, Mega Caps and Semis Strong Start Faded

1:15 p.m. ET Over the last hour, President Trump announced new tariff rates effective August 1, 2025, for several countries, as follows: Philippines: 20% Brunei: 25% Moldova: 25% Algeria: 30% Iraq: 30% Libya: 30% President Trump also re-posted on Truth Social, “Any Country aligning themselves with the anti-American policies of BRICS, will be charged an…