Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-0.40%) is down about 205 points, the worst-performing major average.

A look inside the DJIA shows that Walmart (WMT 108.21, -2.32, -2.10%), IBM (IBM 228.08, -4.68, -2.01%), and Home Depot (HD 291.94, -4.78, -1.61%) are underperforming.

Meanwhile, Walt Disney (DIS 104.94, +1.48, +1.43%) is today's top gain getter.

The DJIA is now down about -0.73% week-to-date.

Elsewhere, today's 7-yr note auction did not fit the bill of being a strong auction. The high yield of 5.085% tailed the when-issued yield of 5.078% by nearly a basis point. Like yesterday's 5-yr note auction, dollar demand was soft, evidenced by a 2.42 bid-to-cover ratio that trailed the prior 12-auction average of 2.48, and interest among foreign buyers was depressed relative to the prior-12 auction average for indirect bids. Stocks are still holding near their highs for the day, bolstered by reports that the U.S. and Iran are exploring the idea of a phased reopening of the Strait of Hormuz. Treasury yields, meanwhile, have not been as responsive to those reports and are having to deal with another disappointing auction.