[BRIEFING.COM] The major averages stand virtually unchanged in the last 30 minutes with the Nasdaq Composite still showing the worst losses, down 0.40%..
The impetus behind today's modestly lower trade in the Dow Jones Industrial Average comes in the way of decent losses out of bellwethers like Cisco Systems (CSCO 55.71, -1.40, -2.45%), Goldman Sachs (GS 190.84, -3.89, -2.00%) & Intel (INTC 46.30, -0.55, -1.17%). CSCO is lower on Wednesday in view of this morning's sell side downgrade of the stock at William Blair where analyst Jason Ader lowered his recommendation to "Market Perform" from "Outperform" citing the tightening of demand across the IT infrastructure universe, which could pressure growth in Cisco's fiscal 2020, especially when compared against unusually strong demand in fiscal 2019.
Conversely, large cap pharmaceutical names Merck (MRK 84.14, +1.16, +1.40%) and Johnson & Johnson (JNJ 141.63, +1.85, +1.32%) sit atop the index.
The DJIA, meanwhile, holds just above the 50-day SMA (26,001) though still shows losses of 0.15% to this juncture on Wednesday.
Elsewhere, at the top of the hour, the Treasury's $24 bln 10-year note auction drew a high yield of 2.130% on a bid-to-cover of 2.49.