Stock Market Today: Techs sag on report U.S. will limit chip exports

Updated 11:45 a.m. EDT

Stocks have lost their entirely of their early gains on reports  the Trump administration is planning to revoke waivers that allow chip companies to use American chipmaking technology in China. 

The Philadelphia Semiconductor Index and the VanEck Semiconductor ETF  (SMH)  were both off 1.3%. 

The catalyst was a Wall Street Journal report that a top Commerce Department officials has told chip manufacturers like Taiwan Semiconductor  (TSM)  he wants to revoke waivers that allowed them blanket permission to use American technology at their plants in China. 

Instead, the Commerce Department would require export licenses on each instance of using U.S. technology in China, The Journal reported. 

The idea, if enacted, would affect U.S. trade negotiations with China and could boost costs for the chip makers. 

As a result, the Standard & Poor's 500 Index was flat at 5,980. It had been as high as 6,018 early in the day. Nasdaq-100 Index, which includes key chip makers, was down 43 points to 21,677. It had been as high as 21,902.

Taiwan Semi was off 1.7% to $210. 

The Dow Jones Industrial Average was still up 159 points to 42,331.

Updated 10:20 a.m. EDT

Investors relieved at U.S. delay in Iran decision

Stocks jumped at the open, then faded slightly as investors seemed relieved that the U.S. was holding off on deciding whether to join Israel's war against Iran.

At 10 a.m. EDT the Standard& Poor's 500 Index had climbed 16 points to 5,997. The Dow Jones Industrial Average had jumped 167 points to 42,339.