Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.9%), and DJIA (-1.0%) are making a sharp move lower just before midday. 

Losses in tech and mega-cap names have widened substantially and permeated through to other pockets of the market. The top-weighted information technology sector is down 2.0%, moving it into negative territory for the week. 

The Vanguard Mega Cap Growth ETF (-1.5%) is down similarly as all of the "magnificent seven" names trade lower today. Amazon (AMZN 197.99, -6.09, -2.98%) is particularly weak, facing sustained pressure following its earnings last week after the close. The stock is down 17.3% since the start of February. 

The defensive utilities (+2.1%), consumer staples (+1.9%), and health care (+0.2%) sectors are seeing some rotational interest amid the renewed weakness in growth stocks today. The real estate sector (+1.0%) also holds a nice gain.

Outside of the S&P 500, the Russell 2000 (-1.3%) and S&P Mid Cap 400 (-0.6%) are charting courses similar to those of the major averages.