Stock Market Update

[BRIEFING.COM] The major averages have at least temporarily halted their downward tick, as the S&P 500 (-0.5%), Nasdaq Composite (-1.1%), and DJIA (+0.1%) all trade above their session lows. 

The communication services sector (-1.3%) lags the market due to weakness in its mega-cap constituents, Alphabet (GOOG 198.96, -3.53, -1.74%) and Meta Platforms (META 740.48, -11.00, -1.46%).

While mega-cap underperformance has garnered significant attention over the past two days, stocks of all sizes are facing pressure. The Russell 2000 is down 0.9%, with the S&P MidCap 400 down a similar 0.7%.

The S&P 500 Equal Weighted Index (-0.3%) still outperforms the market-weighted S&P 500 (-0.6%), but unlike yesterday, the index is currently in negative territory. 

Separately, The Wall Street Journal reports that President Trump is considering firing Fed Governor Lisa Cook after allegations of mortgage fraud.