The market is mixed this morning, with the Nazz trading higher, and the financials dragging down the rest of the market.
Here is a quick recap of some of the headlines:
- Bear Stearns (BSC) reports much larger than expected loss
- MBIA (MBI) said they have $30.6 billin in CDOs
- ORCL reported strong earnings, beating estimates by 15%
- The FTC approved Google's acquisition of DoubleClick
- Strong earnings reports from Nike, Herman Miller (MLHR), and Accenture (ACN)
The 10-year yield is fading again, and testing the 4.00% level. If it falls below this level, I would expect the recession talk to pick up again. Oil is trading roughly flat around $91.25. And Asian markets were mixed overnight, with China up and Taiwan down.