Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%) and Nasdaq Composite (-1.5%) moved off session lows, but momentum is lacking as top-weighted components remain under pressure. 

Mega cap shares have been in a downtrend since the start of the year. Many names in the space trade below key technical levels as a result. Apple (AAPL 223.19, -0.53, -0.2%) shares are below their 200-day moving average, as are shares of NVIDIA (NVDA 113.84, -6.85, -5.7%), Microsoft (MSFT 392.54, -2.62, -0.7%), and Alphabet (GOOG 169.86, -2.93, -1.7%).

Amazon.com (AMZN 202.72, -2.99, -1.5%) shares had been trading below their 200-day moving average since the start of March, but reclaimed a posture above that level on Monday. 

Tesla (TSLA 274.41, -13.73, -4.8%) closed above its 200-day moving average yesterday, but trades lower again today. 

Meta Platforms (META 615.00, -11.31, -1.8%) is the only member of the "Magnificent Seven" that hasn't closed below its 200-day moving average since 2023.