Philadelphia Semiconductor Index falls 5%.

A French appeals court upheld Marine Le Pen’s embezzlement conviction but modified her sentence, leaving her eligible to run in next year’s presidential election. ING economist Charlotte de Montpellier said it is unclear whether Le Pen will stand; she has said her decision depends on whether she is sentenced to electronic monitoring. Markets judge a National Rally (RN) victory would be less disruptive than in previous presidential cycles, citing the Meloni precedent in Italy and the RN’s recent pro-business repositioning. The RN remains strongly critical of European integration and frequently attacks EU fiscal constraints, the Excessive Deficit Procedure and austerity — a stance relevant given rising French fiscal pressures.

Walmart cut prices on multiple categories, including groceries, household goods and apparel.