Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.2%), Nasdaq Composite (-1.8%), and Dow Jones Industrial Average (-0.7%) are showing solid losses while the Russell 2000 (-0.2%) trades slightly lower.

A sharp loss in Tesla (TSLA 216.20, -30.29, -12.3%) after its relatively disappointing earnings report has contributed to the downside bias. Some of the selling activity in TSLA is also linked to profit-taking interest after big gains this month. With today's losses, TSLA is still up 9.3% in July.

Alphabet (GOOG 177.44, -6.15, -3.4%) is another influential laggard following its earnings report. Other mega cap stocks trade sharply lower, weighing on the broader market. The Vanguard Mega Cap Growth ETF (MGK) is down 2.3%. 

Many other stocks are trading lower, too. The Invesco S&P 500 Equal Weight ETF (RSP) sports a 0.6% decline.

New home sales totaled 617,000 in June (Briefing.com consensus 640,000) following a revised count of 621,000 in May (from 619,000).