Stock Market Update

[BRIEFING.COM] The rebound effort from the opening lows has run into some resistance. The S&P 500 slipped to new lows for the session (6652.25) that left it below its 50-day moving average. That is the battle line today, but the war isn't over yet. The market doesn't close until 4:00 p.m. ET.

The recent decline has been precipitated by renewed selling in the mega-cap space. Six of the Magnificent 7 stocks are down at this juncture. The lone exception is Apple (AAPL 270.82, +1.05, +0.39%).

Tesla (TSLA 428.00, -17.91, -4.02%), meanwhile, is the biggest laggard of the bunch following last night's news that 75% of shareholders approved Elon Musk's pay package, which could stretch as high as $1 trillion if all benchmarks are ultimately reached.

Weakness in Tesla and Amazon (AMZN 240.01, -3.03, -1.25%) has the consumer discretionary sector (-1.0%) in red figures, yet Expedia Group (EXPE 258.86, +39.16, +17.82%) has risen above the sector fray after its well-received earnings report.