Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.4%), Nasdaq Composite (-2.3%), and DJIA (-0.6%) are charting session lows at midday.

In addition to weakness across its semiconductor components, the information technology sector faces pressure from software names, with the iShares GS Softwar ETF down 3.2%. Oracle (ORCL 217.38, -18.96, -8.02%) is a notable mega-cap laggard.

Elsewhere, the consumer discretionary sector (-1.0%), which opened to a decent gain, is now firmly lower. Tesla (TSLA 400.62, -17.82, -4.26%) moves sharply lower while lululemon athletica (LULU 112.91, -12.01, -9.61%) continues to face pressure after a disappointing earnings report. The Vanguard Mega Cap Growth ETF is down 2.2%.