Stock Market Update

[BRIEFING.COM] The indices have made a nice move off their lows for the day, which were established near the end of the New York lunch hour. The question is, can this buy-the-dip effort get some legs under it, like most buy-the-dip efforts all year have, or will the indices revert to a negative leaning?

The mega-cap stocks will likely have some say in providing the answer and perhaps Treasury yields will as well. The latter have stopped rising, yet they haven't exactly fallen in any significant way.

The 2-yr note yield is up nine basis points to 4.34% and the 10-yr note yield is up 12 basis points to 4.43%. Their highs for the session are 4.37% and 4.44%, respectively.

The behavior of Treasury yields is certain to be a guidepost for stocks on Wednesday, as markets will be responding to the release of the October Consumer Price Index at 8:30 a.m. ET. The Briefing.com consensus calls for a 0.2% month-over-month increase (and 2.6% yr/yr) in total CPI and a 0.3% month-over-month increase in core-CPI (and 3.3% yr/yr).