After the initial market-wide selling this morning it appears that dip buyers are back. The Dow Jones Industrial Average has bounced off its lows of the morning near 8530 and is currently trading higher by 16 points to 8603. Likewise, the NASDAQ Composite is trading near its highs for the day near 1516. The COMPX is still negative 7 points from Tuesday's close but it is bouncing from the 1506 lows this morning. The S&P 500 is about to turn positive. After bouncing from near the 925 level, the SPX is at 933, down 1 point.
Market internals are still weak. The NYSE is showing only 10 advancers for every 15 decliners. The NASDAQ is faring only slightly better with 11 advancers for every 15 decliners. Declining volume appears to be 50% greater than up volume, but it's still early yet. Total volume on the NYSE is 547M and on the NASDAQ it is 652M.
The biggest sector winners for the morning are the FPP.X Forest and Paper products index and the OSX.X Oil Services index. Both indices are currently up just over one percent on the session. The largest sector losers are the SOX.X Semiconductor index and the BTK.X Biotech index. These two tech-related sectors are down 1.13 and 1.01 percent, respectively but both are up from their lows for the day.
Everyone has been watching shares of Cisco Systems (CSCO) today after last night's earnings report. The company reported its second best quarterly net profit ever but it did so on cost cutting. Revenues were inline but management said the current quarter would likely be flat. So far shares of the networking giant are only down 25 cents to $15.65.
A quick glance at the commodity futures shows that June contracts for light, sweet crude are up one percent to $26.00 a barrel. Meanwhile June contracts for gold are down $1.60 to $341.20 an ounce.
European bourses are mixed but leaning towards weakness. The London FTSE 100 is up four points to 4010. The German DAX is down 53 points or 1.74% to 3013. The French CAC 40 is off 27 points to 3030.