Stock Market Update

[BRIEFING.COM] The main indices remain near early lows.

Horizon Pharma (HZNP 95.09, -17.16, -15.3%) and Amgen (AMGN 231.55, -1.97, -0.9%) remain under pressure after news that the FTC will soon challenge Amgen's acquisition of Horizon Pharma, according to Bloomberg, despite CNBC reporting that FTC commissioners haven't met yet regarding the Amgen deal for Horizon Pharma, adding that AMGN is prepared to take the FTC to court to defend the deal.

Market breadth shows a relatively strong negative bias. Decliners lead advancers by a nearly 4-to-1 margin at the NYSE and a 7-to-3 margin at the Nasdaq. 

Treasury yields continue to climb following this morning's economic data. The 2-yr note yield is up seven basis points to 4.08% and the 10-yr note yield is up five basis points to 3.55%.