Stock Market Update

[BRIEFING.COM] The S&P 500 trades more than 100 points lower and the Nasdaq Composite is nearly 300 points lower.

Selling pressure in the mega cap space is among the factors influencing the broader equity market today. Tesla (TSLA 266.49, -18.13, -6.5%), Meta Platforms (META 627.01, -28.13, -4.3%), Microsoft (MSFT 384.66, -3.86, -1.0%), NVIDIA (NVDA 111.99, -2.09, -1.9%), and Amazon.com (AMZN 199.16, -5.86, -2.8%) are losing standouts from the space. 

Losses in the space reflect an unwinding of momentum trades, accelerated by technical factors. Today's selloff has TSLA trading below its 200-day moving average (279), META below its 50-day moving average (651), and AMZN shares trading at their 200-day moving average (198).