Stock Market Update

[BRIEFING.COM] The major averages hover at session highs, ever so slightly building upon today's modest gains. 

Treasuries have held their ground in immediate reaction to today's $70 billion 5-year note sale, which met slightly underwhelming demand. The auction drew a high yield of 3.747%, which tailed the when-issued yield by a tenth of a basis point, while the bid-to-cover ratio (2.35x vs 2.38x average) and indirect takedown (59.5% vs 66.2% average) were below average. The U.S. Treasury will complete this week's note auction slate with a $44 billion 7-year note auction tomorrow at 11:30 ET.