Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average (-0.76%) is in second place on Tuesday afternoon, now near afternoon lows.

A look inside the DJIA shows that Merck (MRK 79.49, -3.35, -4.04%), Amgen (AMGN 269.90, -10.16, -3.63%), and 3M (MMM 138.11, -2.69, -1.91%) are underperforming.

Meanwhile, Verizon (VZ 44.22, +0.68, +1.56%) holds a decent lead atop the standings.

The DJIA is now up about +7.2% off the late-April lows.

Elsewhere, recent action saw the 10-yr note and shorter tenors climb past their opening levels while the long bond has also seen some buying, but it remains just below its starting mark. The recent movement followed a few hours of sideways action with shorter tenors showing relative strength. However, the 10-yr note has narrowed some of its underperformance gap as the U.S. Treasury sold $42 bln in 10-yr notes to strong demand. The sale drew a high yield of 4.342%, which stopped through the when-issued yield by more than a basis point while the bid-to-cover ratio (2.60x vs 2.55x average) and indirect takedown (71.2% vs 69.3% average) were above average. The U.S. Treasury will cap this week's note and bond auction slate with a $25 bln 30-yr bond reopening on Thursday.