Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.7%), and DJIA (-0.3%) continue their afternoon trudge through negative territory. 

Shares of Tesla (TSLA 440.87, -12.38, -2.73%) remain lower after the company announced a new Model Y rear-wheel drive vehicle starting at $36,140 with standard features. 

The stock rose 5.5% yesterday in anticipation of the release, though the actual release has not generated enough buzz to lift it from negative territory.

In separate automobile news, Reuters reports that the Trump administration is considering revoking $1.1 billion in auto plant funding to Stellantis (STLA 10.92, +0.13, +1.20%) and General Motors (GM 56.90, -1.29, -2.22%).

Just released, consumer credit increased by $0.36 billion in August (Briefing.com consensus: $13.1 billion) following an upwardly revised $18.05 billion increase (from $16.0 billion) in July.