MARKET ERASES GAINS AFTER TERRIBLE DURABLE GOODS ORDERS DATA

December durable goods orders data were just released at 8:30 AM ET, and they were considerably worse than consensus estimates.

In the wake of the release, S&P 500 futures have erased all of their gains for the day and are on the verge of going negative.

Meanwhile, 10-year U.S. Treasury futures, which were negative before the release, are now up 0.2%, and the yield on the 10-year note is 2.74%, one basis point below yesterday's close.