Stock Market Update

[BRIEFING.COM] The major averages approach their best levels of the day, with the S&P 500 showing a modest loss of 0.2%.

The consumer discretionary sector (+0.5%) has gained steam, now challenging the energy sector (+0.6%) as the best performer on a day when most sectors are in negative territory.

Mega-cap performance has contributed to the consumer discretionary sector's move this afternoon, with its two largest components, Amazon (AMZN 226.05, +3.79, +1.7%) and Tesla (TSLA 312.24, +2.37, +0.8%), among its best performers. 

The Vanguard Mega Cap Growth ETF holds a modest gain of 0.2%.

Separately, Politico is reporting that the EU is abandoning plans to levy a tax on digital companies, a victory for President Trump and U.S. technology firms.