Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-0.78%) is the shallowest declining major average on Wednesday afternoon, down about 310 points.

A look inside the DJIA shows that Visa (V 255.36, -9.43, -3.56%), Microsoft (MSFT 430.48, -14.37, -3.23%), and Apple (AAPL 218.43, -6.58, -2.92%) are among today's top laggards.

Meanwhile, Johnson & Johnson (JNJ 155.65, +3.30,+ 2.17%) is atop the average.

The DJIA is down about -0.6% week-to-date.

Elsewhere, U.S. Treasuries of most tenors continue hovering near their opening levels after facing some early volatility while the long bond underperforms, holding a modest loss. Treasuries retreated from highs over the past couple hours, facing some additional impulse selling in reaction to the just completed $70 bln 5-yr note offering, which met weaker demand than yesterday's 2-yr note sale. Today's 5-yr auction drew a high yield of 4.121%, which tailed the when-issued yield by 1.1 bps. The bid-to-cover ratio (2.40x vs 2.43x average) was a touch below average while indirect takedown (67.2% vs 66.3%) was better than average.