Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.3%), Nasdaq Composite (-1.4%), and DJIA (-1.7%) are under mounting pressure today amid an increase in volatility.

Tariff uncertainty, AI disruption conerns, geopolitical tensions, and other themes all contribute to today's volatility that has the CBOE volatility index up 14.6% to 21.87.

Several sharp retreats are in the fold today, pressuring the major averages. 

The financials sector (-2.9%) holds the widest loss. Private equity names like Apollo Global Management (APO 112.82, -6.90, -5.76%) and Ares Management (ARES 114.90, -8.26, -6.71%) are under pressure again today as investors reassess their exposure to technology assets, particularly software businesses perceived to be vulnerable to disruption from generative AI and automated platforms.

Software stocks themselves are sharply lower, with CrowdStrike (CRWD 356.34, -32.26, -8.30%) and AppLovin (APP 384.52, -34.16, -8.16%) among the weakest performers in the information technology sector (-1.0%). The iShares GS Software ETF (IGV) is down 4.6%.

Elsewhere, the consumer discretionary sector (-2.8%) faces pressure on multiple fronts. Many names in the sector are lower in response to President Trump's move to increase global Section 122 tariffs to 15%, while casino and travel names come under renewed pressure, and Tesla (TSLA 398.32, -13.50, -3.28%) and Amazon (AMZN 204.07, -6.04, -2.87%) contribute to today's mega-cap weakness. 

The Vanguard Mega Cap Growth ETF is down 1.3% after several solid showings last week. 

The Russell 2000 and S&P Mid Cap 400 are both down 2.1%, reflecting a broader risk-off tone today.