🔴 TESL is trading 3.7% down today as Tesla's 8% drop pressures consumer discretionary names

TESL is trading 3.7% down today as the consumer discretionary sector faces pressure tied to an 8% drop in Tesla (TSLA) following its July 12 deliveries report.

• Tesla's decline has raised fresh concerns regarding competition in China and potential margin compression.
• The selloff is weighing on large-growth and consumer discretionary names more broadly, amplifying downside in growth-focused ETFs.
• With light macro data flow, sector and stock-specific news are dominating today's market movements.