Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-0.61%) is down more than 290 points on Wednesday afternoon.

A look inside the DJIA shows that Sherwin-Williams (SHW 323.86, -6.47, -1.96%), Goldman Sachs (GS 821.05, -12.76, -1.53%), and Visa (V 310.54, -3.89, -1.24%) are among today's top laggards.

Meanwhile, Chevron (CVX 190.05, +3.76, +2.02%) outperforms.

The DJIA is now down -0.18% week-to-date.

Elsewhere, U.S. Treasuries hover just above lows that were set about an hour ago. The long bond is a bit behind while shorter tenors outperform slightly, but the entire complex trades deep in the red with yields at fresh highs for the month and the 2-yr yield threatening its highest settlement since late September. The market has stayed above midday lows in immediate reaction to today's $39 bln 10-yr note reopening, even though the sale met weak demand following yesterday's poor 3-yr note offering. Today's reopening drew a high yield of 4.217%, which tailed the when-issued yield by 0.7 bps while the bid-to-cover ratio (2.45x) was below average (2.53x average). Indirect takedown (74.5%) exceeded the prior 12-auction average (70.7%), making for a silver lining.