Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (flat) are now defending their unchanged levels. 

After a solid opening gain, the consumer discretionary sector (-0.1%) has slipped into negative territory. 

Tesla (TSLA 433.16, +2.26, +0.52%) still trades modestly higher ahead of its earnings after the close, though Amazon (AMZN 242.98, -1.70, -0.69%) now lags. CNBC reports that the company is looking to lay off around 16,000 workers. 

Elsehwere in the sector, Starbucks (SBUX 98.60, +2.88, +3.01%) holds a solid gain despite falling short of Q1 earnings expectations, as investors focus on the company's encouraging efforts to reignite growth. After several years of sluggish performance, the results provide a strong validation of the "Back to Starbucks" plan, with global comparable store sales accelerating to 4% growth, building upon the 1% momentum seen last quarter.

Meanwhile, Carvana (CVNA 438.89, -38.83, -8.13%) is the worst-performing S&P 500 name today despite a dearth of corporate news.