Stock Market Update

[BRIEFING.COM] The S&P 500 trades near its worst level of the morning after getting rejected at its all-time high, again. The index was just three points below its record high on the initial move higher after the open.

Some mega cap names have reversed early gains, sliding into negative territory  and weighing down the broader equity market. Apple (AAPL 244.08, -0.50, -0.2%) and Microsoft (MSFT 407.87, -0.57, -0.1%) are standouts in that respect, trading up as much as 0.2% and 0.5%, respectively, after the open.

AAPL and MSFT comprise 13% of the S&P 500 in terms of market capitalization.