Off early lows
The market is off early lows. The S&P 500 is down 1.0% after being down 1.8%, and the Nasdaq is down 1.8% after being down 3.9%. Positive support is coming from the energy (+0.8%), real estate (+0.3%), utilities (+0.2%), and financials (+0.1%) sectors, with the latter continuing to benefit from an uptick in longer-dated Treasury yields. Currently, the 10-yr yield is up one basis point to 1.37%. Still, the lack of mega-cap support is accounting for the negative bias in the major indices. Facebook (FB 264.74, +4.42, +1.7%) bucks the negative trend with a 1.7% gain amid news that it reached a deal to restore Australia news services.