Stock Market Update

[BRIEFING.COM] The stock market opened to solid declines driven by similar factors to yesterday's retreat. Growth concerns remain top of mind for investors after this morning's release of the July Employment Situation Report showed more softening in the labor market than participants were expecting. 

Weakness in mega cap names and semiconductor shares has also contributed to the downside bias. Apple (AAPL 223.17, +4.73, +2.2%) is an exception, trading higher after earnings, but Amazon.com (AMZN 163.28, -20.89, -11.4%) shows a huge loss after its earnings report. 

Intel's (INTC 20.88, -8.16, -28.1%) earnings news stoked selling in the semiconductor space. 

The Vanguard Mega Cap Growth ETF (MGK) is down 2.7% and the PHLX Semiconductor Index (SOX) is down 5.7%.

Factory orders dropped 3.3% in June (Briefing.com consensus 0.4%) following a 0.5% decline in May.