The markets are busy digesting the PPI data and awaiting the minutes from the FOMC meeting and looking to tomorrow for the latest CPI report. The Nasdaq is trying to hold onto positive territory, while the S&P 500 is down, but not much.

Five of the eleven sectors are in the green with a rotation to safe havens.  Utilities are the best performer while Energy is the worst as middle east concerns mount. Oil is down 2% to $84.35 a barrel.  Speaking of oil, Exxon Mobile (XOM) will acquire Pioneer Natural Resources in an all-stock deal of $59.5 billion.

Breadth is mixed, with advancers leading decliners on the NYSE, but on the Nasdaq the up volume is higher.  New lows continue to be a concern, especially on the Nasdaq.

In another test of the appetite for Initial Public Offerings (IPO), German shoemaker Birkenstock debuted today on the NYSE.  Shares were priced at $46 per share but opened down at $41.