Stocks opened in negative territory and lost ground from there. The selling was led by the “FAANG” stocks in the technology sector, pushing the Nasdaq index further into correction territory and below 7,000. The Dow and S&P were also weak before bargain hunters emerged late in the morning, lifting the indexes off their lows. While stocks remain in the red, oil is also losing ground. WTI crude prices are now down about 5% and trading near $54 a barrel.

ECONOMIC EVENTS: In the U.S., housing starts improved 1.5% to a 1.228M rate in October, which was generally as expected. Building permits dipped 0.6% to a 1.263M rate in October.

COMPANY NEWS: Shares of Target (TGT) have fallen 11% following the company's report of third quarter sales that matched estimates and earnings that missed the consensus forecast. Target said it expects same-store sales growth of about 5% in the critical holiday quarter and CEO Brian Cornell added that he is "optimistic" about the company's ability to deliver profitable growth next year and beyond...

Best Buy (BBY) shares are faring a bit better, rising 3%, after the electronics seller reported Q3 earnings per share and revenue that both topped consensus forecasts. Additionally, Best Buy raised its FY19 EPS view to $5.09-$5.19 from $4.95-$5.10.

MAJOR MOVERS: Among the noteworthy gainers was Campbell Soup (CPB), which rose 6% after it reported better than expected first quarter results and maintained its fiscal 2019 guidance. Also higher after reporting quarterly results were Kulicke & Soffa (KLIC) and Agilent (A), which gained a respective 12% and 8%. 

Among the notable losers was LivaNova (LIVN), which slid 15% after the Centers for Medicare & Medicaid Services last night issued its proposed coverage decision for vagus nerve stimulation to treat treatment-resistant depression. Piper Jaffray analyst Matt O'Brien said shares would be under pressure since the proposal only includes payment for patients in a randomized control trial, which is more restrictive than expected by investors. Also lower was L Brands (LB), which fell 13% after reporting quarterly results and announcing it will cut its dividend in half. 

INDEXES: Near midday, the Dow was down 396.96, or 1.59%, to 24,620.48, the Nasdaq was down 61.01, or 0.87%, to 6,967.47, and the S&P 500 was down 31.29, or 1.16%, to 2,659.44.