S&P 500 lower at midday (-0.41%) as small caps lead
S&P 500 -0.41%, Nasdaq -0.05%, Russell 2000 -0.37% at midday — the desk's midday read on the tape.

The tape at midday: the S&P 500 is trading lower (-0.41%), the Nasdaq -0.05%, and the Dow -1.15%.
Small caps are lagging: the Russell 2000 -0.37%. Volatility is bid on the session (+5.41%).
Among the mega caps, TSLA is the biggest mover at $371.24 (-0.89%), with MSFT +0.66% and AAPL -0.58%.
Elsewhere on the desk: bitcoin $81,600 (+0.23%), gold via GLD $366.08 (-0.79%), oil via USO $168.53 (+3.70%), long Treasuries via TLT $81.52 (-0.27%).
On the movers board, ROC leads the gainers at $1.77 (+95.9%) while ARCI paces the losers (−97.0%). Names moving that fast trade thin — treat the quotes with care.
Numbers as of 13:47 ET. Follow the full tape live in the Terminal.