Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.9%), and DJIA (-0.9%) continue to trade lower an hour into today's session. 

The consumer discretionary sector (-1.5%) now sits near the bottom of the leaderboard. Tesla (TSLA 380.80, -11.98, -3.05%) is a "magnificent seven" laggard amid a tough day for mega-cap stocks, while DoorDash (DASH 158.45, -6.54, -3.96%) and Carvana (CVNA 276.92, -14.24, -4.89%) trade even lower. 

New home sales declined 17.6% month-over-month in January to a seasonally adjusted annual rate of 587,000 (Briefing.com consensus: 719,000), significantly undershooting expectations. On a year-over-year basis, new home sales were down 11.3%.

The key takeaway from the report is that sharp declines were registered in all regions, despite declines in both median and average selling prices, which suggests some demand attrition in the face of elevated mortgage rates and perhaps burgeoning concerns about job security.