“This runup we’ve seen in treasurys and the dollar is because people are looking for safety,” said Alan Knuckman, chief trading advisor at OneStopOption.com on CNBC’s “Squawk on the Street.” “The reality is that people are going to be chasing better yields so I’m looking for that money to unwind…I’m still looking for a lot of positive things to happen as all this nervousness gets pushed aside.”
JPMorgan slipped after the bank revised its first-quarter results to show a lower profit, after deciding that the value of certain derivatives held by its main investment arm was overstated. The reduction reflects a pre-tax loss of almost $6 billion during its "London Whale" trading debacle earlier this year.
E-Trade Financial jumped after the financial services company ousted its CEO Steven Freiberg, amid declining trading from customers.
Cisco rallied after Goldman Sachs added the Dow component to its "conviction buy" list. Also, Piper Jaffray raised its rating on the tech bellwether to "overweight" from "neutral" and boosted its price target to $22 from $20.
Kohl's posted a profit that topped estimatesdespite weak sales.
Monster Beverage tumbled after the energy-drink producer reported results that missed expectations.
Department-store chain Nordstrom and chipmaker Nvidia are scheduled to report after the closing bell.
On the M&A front, National Oilwell Varco said it will buy Robbins & Myers in a deal worth $2.54 billion.
English soccer team Manchester United is set to finalize its initial public offering, prior to listing on the NYSE Friday. The company will trade under the ticker symbol "MANU" and shares are expected to price between $16 and $20 each.
Treasury prices extended their lossesafter the government auctioned $16 billion in 30-year notes at a high yield of 2.825 percent and bid-to-cover of 2.41.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
Coming Up This Week:
FRIDAY: Import/export prices, USDA crop production report, Manchester United IPO; Earnings from JCPenney
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