Stock Market Update

[BRIEFING.COM] The major indices are skimming their lows for the session in a trade that has seen a lack of buying conviction. Breadth figures aren't overwhelmingly negative, but they have deteriorated over the course of the morning session.

Decliners lead advancers ny an 8-to-5 margin at the NYSE and by a beter than 2-to-1 margin at the Nasdaq.

The S&P 500 consumer discretionary sector is occupying space as the day's worst-performing sector. Aside from the pressure it is feeling from the weight of losses in Amazon (AMZN 243.70, -6.50, -2.60%) and Tesla (TSLA 441.15, -20.92, -4.53%), it is also being adversely impacted by DoorDash (DASH 202.21, -35.79, -15.04%) and Tapestry (TPR 97.35, -11.96, -10.94%) after their earnings reports and CarMax (KMX 33.30, -7.51, -18.40%) after some disappointing Q3 guidance and unexpected news of its CEO stepping down.

Consumer-oriented stocks are also getting hit by growth worries tied to a Challenger, Gray & Christmas report that October job cuts (153,074) hit their highest level for any October since 2003.