Treasury yields did not reverse course as quickly as stocks, and they were higher on the day. The 10-year edged up to 2.05 percent, moving inversely to prices.
"I think people are still in freaked-out mode, and just don't really know what to make of things," said Ward McCarthy, chief financial economist at Jefferies. The bond market has seen some flight-to-safety buying but not nearly as aggressive as the selling in stocks has been. "I think we need a few days of stability before any conviction will return to the market ... I think on the fixed income side and Treasury side, they're waiting for the dust to settle."
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McCarthy said the tight correlation recently between oil and stocks is not easily explained. "The world would be a better place if oil got it over with and went to down $20," he said. McCarthy said he's watching the 8:30 a.m. ET release of CPI and housing starts and building permits. CPI is expected to be unchanged.
"Inflation is going to be soft, but year-over-year comparisons are going to improve only because a year ago was when we got the deflation wave," he said. "Inflation is probably going to accelerate to 0.8 to 0.9 year over year."
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Earnings are expected Wednesday from Goldman Sachs, TD Ameritrade, Northern Trust, Brinker International and Commerce Bancshares, before the bell. Companies reporting after the close include F5 Networks, Kinder Morgan, Raymond James, PTC, Texas Capital Bancshares, Plexus, CVB Financial and SLM.