Stock Market Update

[BRIEFING.COM] There is some early weakness at the index level, with some selling activity in the mega-cap space.

Tesla (TSLA 375.44, -12.07, -3.11%) is a key laggard there, with investors expressing some dismay over the company's vague indication that it expects a very significant increase in capital expenditures. Microsoft (MSFT 418.00, -14.92, -3.45%) is another major drag, sliding in sympathy with ServiceNow (NOW 87.94, -15.13, -14.68%) and IBM (IBM 225.08, -26.78, -10.63%) after their earnings reports.

The iShares GS Software ETF (IGV 83.98, -4.76, -5.36%) reflects the rollback in the software space after it has had a big run off its March lows.

Separately, the preliminary April S&P Global U.S. Manufacturing PMI checked in at 54.0 vs. 52.3 prior, while the preliminary April S&P Global U.S. Services PMI checked in at 51.3 vs. 49.8 prior.