Stock Market Update

[BRIEFING.COM] Stocks are under pressure today, with the S&P 500 (-1.5%), Nasdaq Composite (-2.5%), and DJIA (-1.2%) steadily charting new session lows just before midday.

Weakness from Alphabet (GOOG 317.12, -24.79, -7.25%) and Tesla (TSLA 320.63, -53.38, -14.27%) after their earnings releases have prompted a broader pullback across mega-cap stocks as capital expenditure increases prompt return-on-investment concerns. All "Magnificent Seven" stocks trade lower, and the Vanguard Mega-Cap Growth ETF is down 3.0%.

Losses are not quite as intense outside of the mega-cap space, but the broader market faces pressure as crude oil climbs above $92 per barrel, sending Treasuries higher across the curve. Decliners outpace advancers by a roughly 3-to-1 ratio on both the NYSE and Nasdaq.

Still, there are a few pockets of strength, as the S&P 500 Equal Weighted Index (-0.3%) holds just a modest loss. The energy sector (+1.7%) is the standout amid rising crude prices, while solid earnings from Lockheed Martin (LMT 567.54, +53.18, +10.34%) and United Rentals (URI 1157.20, +122.14, +11.80%) give the industrials sector (+1.4%) a boost. The defensive health care (+1.2%) and utilities (+0.5%) also garner some buying activity as growth stocks retreat sharply.