U.S. stocks were in decline as a rare quarterly miss from Walt Disney (DIS) pulled the Dow lower. The retail sector was also selling off after Macy's (M) reported a disappointing quarter and federal regulators blocked a proposed merger between Staples (SPLS) and Office Depot (ODP) . Crude recovered a level above $45 a barrel and was well on its way toward $46 after an unexpected decline in domestic inventories. The EIA reported a drop of 3.4 million barrels of crude in the past week. Fossil Group (FOSL) lost nearly a third of its value after slashing guidance for its second quarter. Electronic Arts (EA) bested quarterly estimates thanks to its popular 'Star Wars' videogame franchise.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.