The Dow and S&P 500 join the Nasdaq in negative territory, with Tuesday's best-performing names under selling pressure. Conversely, the two worst-performing sectors yesterday -- materials (+1.8%) and energy (+1.5%) -- lead the market in the early going.
The financial sector (-1.2%) is under selling pressure after its 6% advance yesterday. Fannie Mae (FNM 16.78, -0.84) and Freddie Mac (FRE 12.62, -0.84) are giving back some of the hefty gains that they made yesterday.
After opening with a 4% gain, Wachovia (WB 15.22, -0.33) slumps to a 2% loss. The bank was upgraded to Neutral from Underperform at Merrill Lynch. Merrill feels that if Wachovia decides to merge with a larger firm, it could receive between $16 and $20 per share.
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