Today, the market reaction is largely mixed with the Dow Jones Industrial Average and Russell 2000 in the red, while the S&P 500 is relatively flat. Results from IBM (IBM) and Honeywell (HON) are weighing down on the Dow Jones.

The only clear winner of the day is the Nasdaq Composite, up 0.55% helped by Tesla (TSLA) results.

Notably, Technology (XLK) breadth seems to be deteriorating with only 65% of members trading above their 200-day moving average, and far below March highs.

Only three sectors are in the green, albeit the only substantial gainer is Consumer Discretionary (XLY), up 2.67% after Tesla’s (TSLA) earnings report. The biggest loser is Materials (XLB), down 1.45%.

Tesla (TSLA) pre-market momentum continues to drive the stock higher. The stock is currently up 19.71%.

The ten-year treasury yield (TNX) is giving back some gains today, however; it is still holding above the 200 MA at 4.18.

On the economic side, PMI is still consistent with GDP growth.

September new home sales rose 4.1% over the month, beating consensus of +0.6%. The report comes a day after sales of existing home sales slumped to a 16-year low.

• Median New Home Price: +1.2% y/y to $426.3k
• Monthly Supply: down from 7.9 to 7.6

The Kansas Fed Manufacturing Index came to -4 in October from -8 in September. The index pared losses, but it is still in negative territory.