Market Update – Yields Seem Stretched; Oil is Lower; 1-Day Oversold Internals Still Active

The major averages drifted lower into midday after spending much of the morning near their unchanged levels, as deteriorating breadth and higher Treasury yields outweighed support from lower oil prices and a bounce in semiconductors. Stocks tracking inversely to higher yields (1M) Averages Very little changed. SP-500 -0.2%, Dow -0.25% (Transports +0.35%), NASDAQ-100 +0.15%, Small…