Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average sits narrowly above 40K once again on Thursday afternoon, albeit underperforming its major average counterparts.

A look inside the DJIA shows that Salesforce (CRM 263.74, +13.26, +5.29%), Caterpillar (CAT 306.48, +10.73, +3.62%), and NVIDIA (NVDA 106.38, +3.67, +3.57%) hold solid gains.

Meanwhile, IBM (IBM 228.22, -17.26, -7.03%) is underperforming.

The DJIA is now +2.20% higher week-to-date.

Elsewhere, U.S. Treasuries trade at their best levels of the day with solid gains across the complex. Intraday action has been largely uneventful with the market inching above its starting highs in recent trade, putting the 10-yr yield within five basis points of its opening level from yesterday. Treasuries are holding at their highs even though the just-completed $44 bln 7-yr note sale met soft demand. The auction drew a high yield of 4.123%, which tailed the when-issued yield by 0.2 basis points while the bid-to-cover ratio (2.55x vs 2.58x average) and indirect takedown (59.3% vs 70.0% average) were below average. All in all, this makes for an uninspiring finish to this week's note auction slate that started with a poor 2-yr note sale on Tuesday.