MIDDAY LUNCH

Dow 10601.49  -62.12, Nasdaq 2279.41  -33.28, S&P 1134.64  -12.30 

Losses today are broad based as more than 85% of S&P 500 companies’ trade lower.  Some bright spots include PepsiCo (PEP) 61.56 +0.86, +1.43%, Treehouse Foods (THS) 38.77 +0.78, +2.05% and Proctor & Gamble (PG) 60.96 +0.78, +1.30%.

Alcoa (AA) 15.53 -1.93, -11.06% is getting hammered today after the company announced earnings yesterday after the bell that missed estimates.  This was not a way to kick off the Q4 earnings season.  Many on Wall Street are now worried that other bellwether companies could miss earnings estimates.

The benchmark 10-year Note is now up 26 ticks, which has dropped its yield to just above 3.7%. Treasuries caught added attention with news that a $40 billion auction of 3-year Notes produced a yield of 1.49%.

Oil prices have been weak today. Crude futures contracts were last quoted -1.7% lower at $81.10 per barrel. That, along with a disappointing midquarter update from Chevron (CVX) 80.02 -0.87, -1.05% has taken the energy sector to a -1.7% loss.

Pressure has picked up against financials. The sector is now down -1.9% as banks fall from favor after news of SEC investigations, bonus payments and new FDIC fees.