Stock Market Update

[BRIEFING.COM] The major averages continue to hover near their flat opening levels with the S&P 500 currently down 0.1%. 

Shares of Tesla (TSLA 303.86, +9.92, +2.4%) are higher after yesterday's setback, which followed report of increased competition in the Chinese market andElon Musk's aim to form a new political party. 

The move has not been enough to keep the consumer discretionary sector (-0.4%) from negative territory, due in part to early losses from top component Amazon (AMZN 221.85, -1.62, -1.7%). Today marks the beginning of Amazon's Prime Day(s) which is expected to generate $12.9 bln in revenue according to The Wall Street Journal.