Stock Market Update

[BRIEFING.COM] The S&P 500 hit new lows of the session (5,897) in the last hour, paced by stepped-up selling interest in the mega-cap space.

The Vanguard Mega-Cap growth ETF (MGK) is down 1.5% and trading near its lows of the day. The pressure applied by the mega-cap space was too much to bear for the broader market, which saw all the indices retreat into negative territory in the last hour.

That included the Dow Jones Industrial Average, which had been up as many as 451 points at its high this morning.

There wasn't a news catalyst for the leg lower in the mega-cap stocks, which suggests it could be related to month-end activity by accounts looking to pare their exposure to those widely-held names.

The S&P 500 is currently trading below its 50-day moving average (6,001), but still has some cushion before a test of the 200-day moving average (5,716) would come into play.