Market Update

1:33 p.m. ET The averages are still in the red with the decline paced by mega-caps after a hotter-than-expected Payrolls report which did not contain anything to deter the Fed from its aggressive rate hike plans. Mega-caps weakness is evidenced by NASDAQ-100’s underperformance. Also Tesla (TSLA  -9.1%) CEO Musk told company executives that he has a…