Stock Market Update

[BRIEFING.COM] The market is trolling along in sideways fashion. The Nasdaq Composite trades about 175 points lower, or 1.0%.

Mega cap stocks are falling under selling pressure after yesterday's brief reprieve. Some of the names hit hardest this year show the largest declines today. NVIDIA (NVDA 113.64, -3.65, -3.1%), which is 15.0% lower this year, and Tesla (TSLA 270.99, -8.06, -2.8%), which is 33% lower this year, are among the influential losers in the space.

The names have contributed to the losses in their respective S&P 500 sectors. The tech sector is down 1.0% and the discretionary sector shows a 1.4% decline.

The Vanguard Mega Cap Growth ETF (MGK) trades 1.1% lower.