A.M. Update – Mega Cap Tech Earnings Drag Market Lower

S&P (-0.9%) and NASDAQ (-1.45%) Index futures are sharply lower. Tesla (TSLA) and Alphabet (GOOG) show sizable pre-open declines in response to earnings results. Other big tech names are lower ahead of the open in sympathy. The weekly MBA Mortgage Applications Index dropped 2.2% following a 3.9% jump last week. Retail inventories rose 0.7% in…