Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.5%), and DJIA (+0.5%) continue to trade in a stable range near session highs in the early afternoon. 

Meanwhile, U.S. Treasuries trade on their lows, making for a continuation of their sideways drift that has pushed the 30-year yield (4.84%) to within three basis points of its December high while yields on shorter tenors remain notably lower relative to this month's highs. The 2-year yield (3.51%), for instance, is still 12 basis points below its peak that was reached on December 10.

That said, the 2-year yield has risen to a fresh high after the U.S. Treasury sold $69 billion in 2-year notes to soft demand. The auction drew a high yield of 3.499%, which tailed the when-issued yield by 0.3 basis points, while the bid-to-cover ratio (2.54x vs 2.61x average) and indirect takedown (53.2% vs 64.2% average) were below average. The U.S. Treasury will sell $70 billion in 5-year notes tomorrow.