Stock Market Update

[BRIEFING.COM] The broader market is lower on Tuesday afternoon, the Dow Jones Industrial Average (-1.03%) down nearly 551 points.

A look inside the DJIA shows that Amgen (AMGN 397.71, -39.52, -9.04%), Salesforce (CRM 249.02, -10.20, -3.94%), and Johnson & Johnson (JNJ 269.16, -6.07, -2.21%) are underperforming.

Meanwhile, Caterpillar (CAT 827.03, +13.09, +1.61%) is atop the standings.

The DJIA is now -0.61% lower month-to-date.

Elsewhere, U.S. Treasuries continue hovering near their starting levels with shorter tenors sitting just below their starting marks while the long bond is just above its opening level. Treasuries attempted to bounce from their lower start, but they have not been able to put together a sustained bounce even though oil has backed down from its overnight high. On a side note, the New York Fed released its latest Survey of Consumer Expectations for August, showing a dip in three-year inflation expectations to 3.2% from 3.3% while the one- and five-year outlooks remained at their respective 3.6% and 3.0%. Treasuries are holding just above their lows in immediate reaction to the just completed $58 bln 3-yr note sale, which met good demand. The sale drew a high yield of 4.474%, which stopped through the when-issued yield by a tenth of a basis point while the bid-to-cover ratio (2.72x) was above the prior 12-auction average (2.62x). Indirect takedown (62.1%); however, was a touch below average (64.1%).