Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.2%), and DJIA (-1.0%) are in the midst of a considerable pullback, as mega-cap and tech names face sustained pressure while Bitcoin continues to slide. 

Alphabet (GOOG 320.83, -12.51, -3.75%) is the latest mega-cap stock to fall under scrutiny after topping earnings estimates but guiding for a massive increase to capital expenditure. 

The "magnificent seven" are mostly lower, with Amazon (AMZN 222.73, -10.26, -4.40%) a notable laggard ahead of its own earnings after the close. 

Microsoft (MSFT 400.22, -13.97, -3.37%) and other software names continue to slide, while the PHLX Semiconductor Index (-1.4%) quickly gave back its modest opening gains. 

The market is no stranger to mega-cap and tech pressure this week. The Vanguard Mega Cap Growth ETF is down 2.1%, widening its week-to-date losses past 5.0%. The information technology (-1.3%), consumer discretionary (-2.7%), and communication services (-2.1%) are all among the worst-performing sectors this week due to weak mega-cap leadership. 

What is different about today's action from previous sessions this week is there is not much support in the broader market. Ten S&P 500 sectors trade lower, and six of those hold losses of 1.0% or wider. The S&P 500 Equal Weighted Index (-0.8%) still outperforms the market-weighted S&P 500 (-1.1%), but it too is firmly lower. 

Meanwhile, the consumer staples sector (+0.5%) continues to shine, with Hershey Foods (HSY 220.31, +14.52, +7.06%) a big earnings winner today. 

Outside of the S&P 500, the Russell 2000 (-1.1%) and S&P Mid Cap 400 (-0.5%) are lower as well. 

The CBOE Volatility Index has surged 20.9% to 22.53, suggesting an uneasiness across the market as it continues to slide this week.