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Stock market loses early gains...what's up?

Stocks start up then move down. Why, you ask?

It's a disappointing day so far...the S&P 500 rocketed up almost eight points at the open, but within a half hour began a slow but steady decent into negative territory. What happened?

First: On the strong Q2 GDP, up 4.0 percent, there were detractors the minute the report came out.

Read MoreSurging US growth pushes fledgling IPOs into the backseat

A lot of inventory building, some complained. But most felt the numbers didn't change their outlook for the second half dramatically. Barclays is a good example: "We do not view the outperformance in this report as a signal that the outlook for growth has improved," they said.

Second: There's the inflation-fearing camp. Modest growth or not, many fear that interest rates could move dramatically on any sign the economy is putting together a consistent series of above-expectation economic stats.

Treasury yields are up this morning, and many are wondering if the Fed will make some comment about the possibility of a rate increase sooner than expectations (mid-to-late- 2015).

I'm not in that camp, but some are: Interest-rate sensitive stocks like Utilities, Telecom, Housing are all underperforming the market.

Traders on the floor of the New York Stock Exchange.
Getty Images
Traders on the floor of the New York Stock Exchange.

Read MoreSurging US growth pushes fledgling IPOs into the backseat

Third: There are continuing issues with the Ukraine. Reuters is reporting comments from NATO that the number of troops continue to increase along the Russian-Ukraine border.

Finally: Let's drag out the "market is tired" argument and that it is long due for a 10 percent correction. Alan Greenspan, on a competing network this morning, said stocks were due for a "significant correction" at some point. Really, Mr. Greenspan? The market IS tired, but we have been hearing about a 10 percent correction for two years. Those that got out then, when the S&P was at 1400, are now watching stocks up 40 percent since then.

My take? Things are continuing to get better, but they are getting better at a very slow rate. And the data is still choppy. And that is good for the markets.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

Wall Street

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