Stock Market Update

[BRIEFING.COM] Stocks are under pressure today as the reaction to yesterday's slate of mega-cap earnings has put considerable pressure on mega-cap and tech names. 

The S&P 500 (-1.1%), Nasdaq Composite (-2.0%), and DJIA (-0.4%) have traded steadily lower throughout the session, with the Russell 2000 (-1.1%) and S&P Mid Cap 400 (-1.0%) also facing pressure. 

Though seven S&P 500 sectors trade higher, a 4.0% slide in the top-weighted information technology sector weighs heavily on the major averages. 

Microsoft (MSFT 422.65, -58.98, -12.25%) is among the worst-performing S&P 500 names today, sinking after the company delivered a solid earnings report, but substantial capital expenditure and softer guidance prompt questions around its near-term growth potential. 

Chipmaker names are also under pressure after a solid day yesterday, with the PHLX Semiconductor Index down 1.8%. NVIDIA (NVDA 187.72, -3.80, -1.98%) is among the names that trade lower amid a tough day for mega-cap stocks. 

Meta Platforms (META 719.00, +50.27, +7.52%) is a standout of the group after topping earnings estimates and delivering encouraging guidance, while Tesla (TSLA 422.40, -9.06, -2.10%) now trades lower after an earnings beat of its own.

The Vanguard Mega Cap Growth ETF is down 2.3%. While the mega-caps rally ahead of earnings lifted the S&P 500 to fresh record highs earlier in the week, Microsoft's sharp move lower has bled into some broader selling pressure, forcing the major averages firmly lower as a result.