Stock Market Update

[BRIEFING.COM] There is only one S&P 500 sector down more than 0.1%. Unfortunately, it happens to be the market's most heavily weighted sector: information technology (-0.8%).

The drag there relates primarily to weakness in NVIDIA (NVDA 108.05, -2.96, -2.7%), Microsoft (MSFT 390.47, -1.38, -0.4%), and Apple (AAPL 208.92, -0.36, -0.2%). NVIDIA is presumably being pinched by concerns regarding some AI chip competition from Huawei; Microsoft and Apple will be reporting their quarterly results after the close on Wednesday and Thursday, respectively.

Separately, the Vanguard Mega-Cap Growth ETF (MGK) is down 0.3% and is representative of the drag the market is feeling from the softness in the mega-cap space.