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Tuesday’s selloff makes for tough recovery

Stocks are higher at mid-morning Wednesday. Today’s gains aren’t enough to offset yesterday’s losses, but with another day of testimony from Federal Reserve Chairman Powell on tap for tomorrow, we’re unlikely to see a big recovery today.

At present, the S&P 500 is down 0.01%, the DJIA is down 0.10%, and the NASDAQ is up 0.05%.

Industries doing well today include Internet & Catalog Retail, Commercial Services & Supplies, and Health Care Technology. Industries showing weakness include Household Durables, Building Products, and Household Products. The VIX is up 0.32 to 18.91 after closing yesterday at 18.59. The most heavily traded options this morning are for the iShares FTSE/Xinhua China 25 Index (FXI), with 30,015 Mar. 16 50 puts on the board. The total put/call ratio as of 10:00 AM was 0.78 (264,083/340,472). The advancers/decliners ratio for NYSE stocks is 1,351/1,572, while the advancers/decliners ratio for NASDAQ stocks is 1,286/1,547.

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Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.