Stock Market Update

The stock market is on track for a lower opening as it begins what is historically the worst month for equities. 

NVIDIA (NVDA 169.62 -4.48, -2.5%) is set to open beneath its 50-day moving average (171.13) as the stock continues to slide following mixed reactions to its earnings report last week. 

Underperformance in mega-cap names has weighed on the major averages in recent sessions. Currently all of the "magnificent seven" names trade at least 1.0% lower in the pre-market. 

Tariff uncertainty is providing an additional headwind after a surge in market rates follwoing Friday's ruling that the majority of President Trump's global tariffs are illegal.