Indices are digesting another barrage of earnings reports with MMM +3.7% highlighting the Dow after results handily beat expectations on strong overseas sales. Other components of the major Indices seeing volatility post earnings reports include: ALGN + 28% APA ??“2.5% BMY ??“2.4% BZH +4.4% CCMP ??“13% CHKP +5% ERIC ??“ 3.3% F +4% HZO +6% NEM ??“3% ODP ??“3.7% PMTR +4.5% VLO +2.8% XOM +0.5% XMSR +5% Harman International is higher by nearly 20% after announcing and LBO deal. Shares of SUN +3.8% are pushing higher on renewed LBO chatter helping other refinery stocks to gains despite lower energy prices. Crude is spent the morning in negative territory along with weakness in other commodities. Natty Gas ??“2.5% Copper ??“3% Gold ??“1.5%
U.S. Treasury futures have slid to new lows in late morning trade ahead of 5-year note auction results. The long bond future broke through some support at 111 7/32 with the yield rising to 4.87%. The 10-year note future is approaching support at 107 27/32 with its cash yield rising to 4.682%. Note this is some talk circulating of desks selling UST??™s to buy Bunds. The Bund yields 4.225% The Dollar has firmed on some technical buying after the EUR/USD failed to make new all time highs. The Dollar Index is up 0.4% with the Euro dropping below the 1.36 figure and Cable through 2. Cable moved out to its lowest levels of 1.9889 after fairly dovish comments from BoE??™s Tucker