Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%) has slipped beneath its 50-day moving average (6,766.98) as losses widen across tech names.

The tech-heavy Nasdaq Composite (-1.1%) holds an even wider loss, while the DJIA (-0.2%) also moves below its unchanged level. 

Oracle (ORCL 177.59, -11.06, -5.86%) and Broadcom (AVGO 323.42, -17.88, -5.24%) are among the worst laggards, while NVIDIA (NVDA 171.86, -5.86, -3.30%) contributes to a 2.7% loss in the PHLX Semiconductor Index. 

The retreat has also sent the consumer discretionary sector (-0.3%) lower after spending the morning with a gain. Tesla (TSLA 477.78, -12.10, -2.47%) is a notable laggard after trading higher this morning.