The S&P 500 is posting a modest gain. Meanwhile, the Nasdaq is
outperforming thanks to strength within the tech sector (+1.2%).
Treasures are out of favor, especially at the long end of the yield
curve. The 10-year note is down 17 ticks while the 30-year bond is
down a full point.
Shares of General Motors (GM 17.13, -0.47) are trading at their lowest
level in more than 25 years after being downgraded to Hold from Buy at
Citigroup. Citi cited GM's reduced earnings power and cash burn risk,
noting that GM is a less attractive risk-reward proposition relative to
American Axle (AXL 18.67, +0.23).