Broad-based consolidation efforts following four straight days of gains continue to dictate market action midday, as six of ten economic sectors trade lower and leave the major averages mixed. Consumer Discretionary remains the day's worst performer as Toll Brothers' (TOL 35.32 -4.09) reduced FY06 outlook weighs heavily on homebuilding while investors use retail's 8.0% surge since mid October as an incentive to lock in gains. Despite a continued recovery in the Treasury market spurred in part by strong anticipation for today's 3-yr note auction, which has knocked the yield on the 10-yr note (+13/32) down to 4.56% - an improvement of 10 basis points from Friday's close, the rate-sensitive Financial sector remains an influential drag on the overall market. Freddie Mac's (FRE 60.15 -1.09) $220 mln profit reduction for the first half of 2005 and consolidation in brokerage and bank stocks are acting as the biggest restraining factors. Energy, however, has recouped some of yesterday's 1.6% drubbing, as a strong Q3 report from Transocean (RIG 59.91 +1.19), one of Briefing.com's suggested holdings, helps offset oil prices trading near session lows. Technology has also found pockets of strength in the Internet, semiconductor, software groups but has yet to completely counter early concerns that the outlook for earnings growth is already reflected in stock prices at current levels. DJTA -0.2, DJUA -0.2, DOT +0.3, Nasdaq 100 +0.4, Russell 2000 -0.7, SOX +0.4, S&P Midcap 400 -0.4, XOI +1.0, NYSE Adv/Dec 1064/2002, Nasdaq Adv/Dec 1022/1790
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