Market Update: Mega Caps Act Better, Semis Worse; Inflation Fears Turn Toward Recession Fears

President Trump’s commentary on “great progress” in negotiations with Iran gave the market some optimism before the open, though the post was riddled with “or else” type threats. Iran continues to call U.S. demands “excessive and illogical” and denies any direct negotiations: “What has been raised are messages received through intermediaries indicating the US desire…