After a mixed open, both the
Nasdaq Composite Index and the
Dow Jones Industrial Average were lately swimming in red.
The Dow opened strong and has bounced around since then, swinging right around the break-even point. On the positive side,
was the brightest blue-chip, but with 18 of the 30 industrials in the red, it was an uphill battle. Tech names
weighed down the index. The Dow was last off 5 yo 11,083.
Today's market is absorbing a combination of triple-witching -- the quarterly expiration of index options, index futures and equity options -- and a lower-than-expected
consumer price index number.
Over on the Nasdaq, things started bad and have been getting progressively worse. The index was last off 57 to 3855, led lower by
, which was down $4.06 to $80.88 after announcing third-quarter earnings yesterday. Sure, those operating margins look good, but as
Joe Bousquin explains, investors are reacting negatively to slow software sales.
Other big cap tech names were following Intel, Microsoft and Oracle.
was lately off $3 to $114.50, while
were also lower.
Internet plays were weaker, while small-caps coughed up yesterday's gain. The
Russell 2000 was last off 6 to 533.
TheStreet.com Internet Sector
index continues to have a terrible September, and year for that matter, dropping 8 to 812 this morning.
Oil stocks continue to be red-hot. The
American Stock Exchange Oil & Gas Index
hit another record high this morning, scraping past 554 right out of the bell. At last check, it was up 20.5 to 551.3, which is a 3.9% gain. Blue chip ExxonMobil,
all helped the index power out more gains, as crude oil futures continue to rise.
October crude oil futures on the
New York Mercantile Exchange
were last up $1.003 to $35.10, as investors react to tension between Iraq and Kuwait in the Middle East.
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The 10-year Treasury note was lately off 5/32 at 99 16/32, and yielding 5.818%.
Yesterday, an early rally in the bond market after a surprisingly friendly reading on inflation at the wholesale level, morphed into a selloff that moved the 30-year bond's yield decisively higher than the 10-year note's yield for the first time since January.
wrote a separate article on the steepening
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