Stock Market Update

[BRIEFING.COM] The broader market is lower this afternoon, the Dow Jones Industrial Average (-0.66%) down about 265 points.

A look inside the DJIA shows that NVIDIA (NVDA 103.58, -8.62, -7.68%), Amgen (AMGN 286.24, -9.06, -3.07%), and Walmart (WMT 91.65, -2.32, -2.47%) are underperforming.

Meanwhile, Travelers (TRV 255.28, +5.62, +2.25%) is atop the standings after reporting Q1 earnings that beat expectations, despite taking a $2.27B hit from California wildfires. Strong underwriting income and a 5% dividend increase helped offset catastrophe losses, boosting investor confidence.

The DJIA is now down about -0.27% on the week.

Elsewhere, U.S. Treasuries sit near session highs that were reached during the last 30 minutes after the market crept above its opening range. The overall pace and range of today's action has been restrained with the complex staying at its best levels of the day after the U.S. Treasury sold $13 bln in 20-yr bonds to solid demand. The sale drew a high yield of 4.810%, which stopped through the when-issued yield by nearly half a basis point while the bid-to-cover ratio (2.63x vs 2.60x average) and indirect takedown (70.7% vs 69.8% average) were above average. While the market has been quiet today, there is still potential for some movement once Fed Chairman Powell begins speaking at a conference in Chicago shortly.