MIDDAY LUNCH

Dow 10073.22  -197.33, Nasdaq 2143.91  -47.09, S&P 1073.15  -24.50 

The stock market is currently trading at a two month low on worries of sovereign debt.  Concerns about downgrades to the debt ratings of the USA, UK, Spain, Portugal, and Greece have sent traders to seek safety. 

Volatility has spiked as a result of today’s decline. That has the Volatility Index, often dubbed the VIX or more ominously the Fear Index, up +13.9%.

The steep losses in stocks have caused support for Treasuries, the benchmark 10-year Note is up +20 ticks and the 30-year Bond is up one full point.

The CRB Commodity Index has fallen to a three-month low.  It is currently down -2.5% its worst single-session percentage decline since August. Gold prices are down -4.3% to $1064 per ounce and oil prices are down -4.7% to $73.35 per barrel.

In the Dow, Cisco (CSCO) 23.30, +0.23 is the only company trading to the plus side after posting better than expected earnings and giving strong future guidance.

Visa (V) 85.55, +2.03 posted better than expected earnings today. The company also reaffirmed its strong growth forecasts.

MasterCard (MA) 227.50, -20.08 missed the consensus estimate which surprised Wall Street's analysts. Shares of MA are stuck in their worst single-session percentage slide in months.