Sounds like you are going through a table and modifying some rows, then you want to go BACK through the table a second time and update the timestamp for the rows that were just changed.
Don't do it in two passes. Just update the date/time at the same time as you update whatever other columns you are changing:
UPDATE myTable
SET retailprice = wholesaleprice * 1.10,
lastmodified = GetDate()
WHERE ...
Or are you issuing an update statement on ALL rows, but for most rows, it just sets it to the value it already has? Don't do that. Exclude those rows that wouldn't be modified in your where clause:
UPDATE myTable
SET retailprice = wholesaleprice * 1.10,
lastmodified = GetDate()
WHERE retailprice <> wholesaleprice * 1.10