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Averages shrug off higher yields and declines in some big names

  • The major averages are managing to hang in there - S&P 500 (SPY +0.1%), Nasdaq 100 (QQQ) - despite sizable earnings-related declines in a number of high-profile names. IBM -3.4%, Google -4.5%, American Express -2%, and Chipotle Mexican Grill -1.9%. United Health -3.7%, and leading health insurer stocks lower amid dour comments on Medicare rate cuts and high Hepatitis C costs.
  • Not all the big earnings names are lower though: Morgan Stanley +3.6%, GE +2.3%, and Goldman Sachs about flat.
  • Also weighing is a big jump in Treasury yields after initial jobless claims remained right around 300K and the Phila Fed Index popped to a 7-month high. The 10-year Treasury is up 8 basis points to 2.71%.
  • ETFs: SPY, QQQ, IVE, SH, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, TQQQ, SPXL, QID, RSP, SQQQ, QLD, RWL, EPS, SPYG, IVW, RPG, RPV, SPYV, VOOG, BXUB, QQEW, VOOV, QQQE, TRND, SFLA, QQXT, BXUC, SPLX, BXDB, FTA, TNDQ
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