Reply #49: 2:14 EST and falling into the ditch [View All]

[UpInArms]

Dow 11,258.04 -59.39 (-0.52%)
Nasdaq 2,293.69 -9.66 (-0.42%)
S&P 500 1,300.13 -4.91 (-0.38%)
10-Yr Bond 4.735 +0.32 (+0.68%)

NYSE Volume 1,331,211,000
Nasdaq Volume 1,391,108,000

2:00 pm : Little has changed within the stock market. One area that is demonstrating some interesting relative strength is the retail industry. The apparel group is the standout - currently up about 1%. Home improvement retail is another notable pocket of strength. There, it's Home Depot (HD 43.94 +0.57) that is leading the advance. The stock is trading in sympathy with the homebuilding industry, as it appears to be similarly benefiting from today's better than expected housing data. As a whole, retailers are showing resilience in the face of interest rate anxiety and spiking energy costs. At this point, crude is 3.3% higher and is pushing $64 per barrel.DJ30 -44.17 NASDAQ -5.49 SP500 -3.19 NASDAQ Dec/Adv/Vol 1507/1428/1.28 bln NYSE Dec/Adv/Vol 1663/1517/869.0 mln

1:30 pm : The recent recovery attempt has stalled, and the indices have edged lower. Meanwhile, the Treasury market continues to suffer. Yields are up across the curve. At the back end, which is the most inflation-sensitive, the 30-year note is down 11 ticks and up to a 4.74% yield. The benchmark 10-year note, meanwhile, is off seven ticks and yielding 4.73%. A week ago, that bond was offering 4.64%. Today's better than expected housing data continues to be the catalyst behind the Treasury action. The reading adds to what had already been some anxiety ahead of the upcoming (Tuesday) FOMC policy decision and directive. Treasuries continue to occupy much of stock traders' attention, and, as such, are contributing to the equity market's bearish bias. DJ30 -41.44 NASDAQ -6.01 SP500 -3.51 NASDAQ Dec/Adv/Vol 1487/1434/1.19 bln NYSE Dec/Adv/Vol 164/1504/798.5 mln