It is a defensive and sluggish session with the major indices well off their lows and ten-year bond falling. Lots of tech names that are not in the Nasdaq or S&P are higher. 

Only two sectors are in the green this afternoon with consumer discretionary holding the lead. The TJX Companies, Inc (TJX) is the best performer in the sector after posting strong earnings results. These results raise the bar for peer Ross Stores (ROST), which is set to report earnings tomorrow afternoon. 

The dollar has appreciated around 2% over the last month, with a notable move last week. This strength has coincided with commodity weakness, despite some resilience this week. If this bid continues for the dollar, there could be more downside for commodities.