Indices opened on a higher note, yet those gains evaporated on renewed selling interest. This is going to be a busy first week of trading, as tomorrow we receive the minutes from the December Federal Reserve Open Market Committee and Friday the jobs report.

Mega caps are under pressure with Tesla (TSLA) leading, down 15%, after missing expectations on new vehicle deliveries. This marks the third straight quarter that deliveries have missed estimates.  Investors are also taking a big bite out of Apple (AAPL), which is down over 4% on reports that the company told suppliers to make less AirPods, Apple Watch and MacBooks as demand softens.

Relative strength is in Communication Services, which is currently the only winner. Energy is moving to the downside as warmer temperatures have put pressure on oil and natural gas prices.

The final reading of the US manufacturing PMI was released today, falling at a steeper rate in December. The index dropped to 46.2 from 47.7 in November, matching economists’ expectations of 46.2.

Volume is decidedly negative this afternoon, but there are more highs than lows in the NYSE.

The market is walking a fine line. Let’s see if the economic data gives the market the oomph it needs.