Stock Market Update

[BRIEFING.COM] The S&P 500 briefly traded fractionally higher while the Nasdaq Composite remains below its prior close.

Losses in the mega cap space have weighed down the Nasdaq while buyers and sellers remain hesitant as Fed Chair Powell gives his semiannual testimony before Congress. Tesla (TSLA 337.26, -13.44, -3.8%), Microsoft (MSFT 410.54, -1.68, -0.4%), Amazon.com (AMZN 231.36, -1.70, -0.7%), and Alphabet (GOOG 186.83, -1.37, -0.7%) are among the inflation losers.

Shares of Apple (AAPL 234.69, +7.04, +3.1%) are higher in response to news that it's aiming to partner with Alibaba (BABA 114.35, +3.02, +2.7%) to develop artificial intelligence for China iPhone users, according to The Information.