Happy hump day!
It's so close to Friday, I can taste it.
Let's focus on the markets, even though it's been a rough day. It's best to get this over with quickly so that everyone can go enjoy a happy hour or a cozy dinner. A spoonful of sugar and all that, right?
First, Sears (SHLD) was the stock of the day for Real Money and Real Money reporter Kevin Curran has some great content over on TheStreet's sister site. Since, ya know, Sears is on the verge of bankruptcy and all of that.
Wednesday Is Weak for the Markets
TheStreet's Tony Owusu looked at some of the weakest stocks in the market on Wednesday. It's worth a read.
TheStreet's Jacob Sonenshine decided to play good cop and looked through the warriors of the sell-off.
And, yes, there is always a silver lining.
Sonenshine wrote, "On a rough day for U.S. stocks, three familiar American brand names, among a few others, are emerging as gainers on one of the biggest single-day declines for U.S. stocks in six months."
"All the major indexes are down on the day, with tech leading the losses, as the Nadsdaq (NDAQ) shed 206 points, or 2.7% by mid-afternoon trading following weaker-than-expected demand from a key auction of 10-year Treasury bonds earlier in the session. The S&P 500
General Mills Inc. (GIS) is tied for the biggest gainer on the S&P 500, jumping 2.72%, while Kohl's Corp. (KSS) is not far behind thanks to a 2.58% gain helped by a 'buy' rating from Bank of America, which has a price target of $90 per share, representing about 24% upside from its current level. Dow component Home Depot Inc. (HD) is leading the board with a 0.37% bump, perhaps in advance of an anticipated uptick in sales once Hurricane Micheal passes over the Florida Panhandle and peters out along its path to the Carolina coast.
The 10-Year Bond Auction Is the Place to Be
According to TheStreet's Martin Baccardax.
The U.S. Treasury sold benchmark 10-year notes at the highest auction yield since 2011 Wednesday, Treasury data indicated, but demand for the $23 billion auction fell to lowest since February, suggesting the recent rise in global fixed income markets is failing to attract investors.
The Treasury sold $23 billion of its existing 10-year bond, maturing in 2028, with an average yield of 3.225%, the highest since May 2011. So-called direct bidders, comprised of primary dealers, hedge funds, pension investors, took 5.4% of the sale, Treasury auction data suggests, while the so-called bid-to-cover ratio, a key metric for demand, slipped to 2.39, meaning $2,390 was bid for every $1,000 worth of paper on offer. That compares to a recent average of 2.55. Earlier Wednesday, the Treasury's $36 billion auction of 3-year notes, which drew a yield of 2.898%, had the weakest bid-to-cover ratio -- 2.56 -- since July.
But really, you should just read the full story.
Jim Cramer Warns the Bulls
Jim Cramer talked with TheStreet and warned against feeling bullish during such a heavy market sell-off.
Makes sense, right?
Cramer has a well of knowledge and gave advice on real estate, Hurricane Michael and a couple of other topics.
It's well worth watching. Although, you might just think I'm promoting myself since I interview him every morning, but oh well.
Alright y'all, that's all I've got for today. Happy almost Friday.