Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-1.00%) is down almost 500 points on Tuesday afternoon, bucking the broader trend higher among the other major averages.

A look inside the DJIA shows that UnitedHealth (UNH 281.66, -69.98, -19.90%), Nike (NKE 63.37, -1.62, -2.49%), and Home Depot (HD 378.97, -7.56, -1.96%) are underperforming.

Meanwhile, Microsoft (MSFT 481.37, +11.09, +2.36%) is today's top gain getter.

The DJIA is now -0.37% over the first session and a half of the week.

Elsewhere, U.S. Treasuries trade a bit below their rebound highs with 10s and 30s remaining in the red while shorter tenors are hanging onto modest gains. There has been very little movement over the past three hours with the market seeing some light pressure in immediate reaction to the just completed $70 bln 5-yr note sale. The offering drew a high yield of 3.823%, which tailed the when-issued yield by 0.3 bps, while the bid-to-cover ratio (2.34x vs 2.37x average) and indirect takedown (60.7% vs 65.5% average) were below average. The U.S. Treasury will complete this week's note auction slate with a $44 bln 7-yr note auction on Thursday since the FOMC Decision will command the market's attention tomorrow afternoon.