1:00pm (EST)

IBM (IBM, $201.63, down $5.82) and Intel (INTC, $27.91, down $0.56) are weighing on the market after reporting earnings after the close on Tuesday.  IBM beat estimates but missed on revenues while Intel is trading lower after reporting lower gross margins for the quarter.

The Dow is currently down 60 points to 13,055 as IBM has accounted for 43 negative Dow points while Intel was worth a 4 point hit on the index.

The S&P 500 is lower by 5 points to 1,386 while the Nasdaq is off 12 points to 3,030.

The market rallied on Spain’s successful bond auction yesterday but the real test will come on Thursday when they try to sell 2 and 10-year bonds.  Earnings will be heavy after the bell and on Thursday with Bank of America (BAC, $8.95, up $0.03), eBay (EBAY, $35.99, down $0.09) and Qualcomm (QCOM, $66.79, down $0.44) set to report over the next 24 hours.

Subscribers, check the Members Area for the trade updates and we will back in the morning with a full briefing.