Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-0.36%) is down about 163 points on Thursday afternoon.

A look inside the DJIA shows that IBM (IBM 281.23, +13.70, +5.12%), Chevron (CVX 160.90, +1.72, +1.08%), and Walmart (WMT 103.45, +0.72, +0.70%) hold modest gains atop the average.

Meanwhile, Amgen (AMGN 272.37, -6.85, -2.45%) is underperforming.

The DJIA is now -0.77% lower week-to-date.

Elsewhere, U.S. Treasuries have risen off lows that were reached about 90 minutes ago, but they continue trading below their starting levels. The market is staying above session lows even though the just completed $44 bln 7-yr note sale met weak demand. The auction drew a high yield of 3.953%, which tailed the when-issued yield by 0.6 basis points while the bid-to-cover ratio (2.40x vs 2.62x average) and indirect takedown (56.4% vs 69.7% average) were below average, making for a poor finish to this week's note auction slate.