Stock Market Update

[BRIEFING.COM] The stock market is doing what it can to fend off a break to lower levels. A bit of buying interest in the mega-cap space has helped, yet the action thus far is tenuous at best.

Tesla (TSLA 302.53, -28.00, -8.5%) has gotten clobbered today on heavy volume that has likely been spurred by a mix of fundamental concern, with the FT reporting Tesla saw a 45% year-over-year drop in sales in Europe in January, and an unwinding of momentum that has also hit stocks like Super Micro Computer (SMCI 47.21, -4.40, -8.5%), Palantir Technologies (PLTR 87.39, -3.29, -3.6%), Axon Enterprise (AXON 491.88, -7.85, -1.6%), Hims & Hers Health (HIMS 37.001, -14.30, -27.9%), and JPMorgan Chase (JPM 255.83, -5.51, -2.1%) in recent sessions.

With today's decline, Tesla's market capitalization has fallen below $1 trillion.

Separately, Dow component UnitedHealth Group (UNH 452.00, -9.52, -2.1%) has been rolled back on a report from The Wall Street Journal that indicates Senator Grassley (R-IA), Chair of the Senate Judiciary Committee, has sent a letter to the company inquiring about its Medicare billing practices.