US Mid-Morning Recap by TradTheNews Staff - Indices initially traded lower following the open while Treasuries gave up early gains, but since then both markets have stayed close to the unchanged level. The yield on the 10-year has held right around 4.5% while the odds of rate cut by the June meeting hover around 50%. GM traded lower in the pre-market following earnings but pared those losses on the open. Shares of ACF are off 6% after GM did note weakness in their sub-prime business. Lehman Brothers is more than $3 off its worst level, but still trades down $1 after reporting in-line numbers. The energy complex is generally higher while April crude stays close to unchanged at $57.90 after weekly inventory data was reported pretty much in line with expectations. OIH +$1 XOM +1% CVX +0.6% Drug stocks are mostly lower after the FDA said it is looking at putting new warnings on sleep disorder drugs. PFE â0.3% WYE â0.4% SEPR â1.5% -0.7%. Metals futures rallied from lower levels when equities moved up from their lows. April Gold -$5.40 at $644.20; May Copper +$0.0125 to $3.8370. The EUR/USD is near session highs at 1.3219 while rebounding fractionally against the Yen at 116.41. It is worth noting that other currencies are making larger strides against the Yen. EUR/JPY +0.4% AUD/JPY +0.8% GBP/JPY +0.5% CHF/JPY +0.4%