Stock Market Update

[BRIEFING.COM] There is some selling interest this morning, but the real issue is a general lack of buying interest. The latter, we would argue, can be attributed in part to the global IT disruption caused by the CrowdStrike (CRWD 312.72, -29.82, -8.7%) issue, but it is also fair to say that it stems as well from a general sense that the market is due for a consolidation/correction period following the hefty gains that were registered for the year through mid-July.

Goldman Sachs for its part published a note, according to CNBC.com, that warned of the risk of a "setback in the summer," and shifted to a neutral stance for equities and other asset classes on a three-month horizon.

Mega-cap stocks have been stuck in a consolidation mode this week. The Vanguard Mega-Cap Growth ETF (MGK) is down 3.5% for the week, but is still up 20.5% for the year. Earlier today, the MGK was up 0.6% but it has surrendered those gains and is now flat on the session.