Stock Market Update

[BRIEFING.COM] The S&P 500 has traded close to its session low over the last half hour, trading 1.5% below its prior close. 

Selling increased noticeably in the mega cap space as the index declined. NVIDIA (NVDA 109.45, -1.96, -1.8%) was trading 1.3% higher at its best level this morning, but shows a sizable decline now. Tesla (TSLA 263.76, -9.48, -3.5%) was trading up as much as 1.1% right out of the gate before turning sharply lower.

The downturn relates to the latest economic data, which piled onto concerns about growth that could translate into lower earnings prospects. Inflation measured by the core-PCE Index increased and survey data reflected worsening expectations for personal finances, business conditions, unemployment, and inflation.