Stocks are mixed midday, as investors unpack the latest corporate earnings reports, as well as personal consumption expenditures and consumer spending data.

The selling in Treasury bonds should be a warning sign. Not only is the sell-off a response to Fed policy, but it also accompanies sluggish returns.

The Dow Jones Industrial Average is up 271 points at midday, extending this morning's gains as investors speculate on this week's annual Jackson Hole monetary policy symposium.