Stock Market Update

[BRIEFING.COM] The major indices have made a nice comeback from their opening lows, benefiting from a familiar buy-the-dip approach that has worked repeatedly in this bull market. 

The Nasdaq, down as much as 1.2%, is now up 0.1% for the session, riding the support of mega-cap components like Apple (AAPL 235.12, +2.50, +1.1%) and Tesla (TSLA 344.01, +15.51, +4.7%). The S&P 500, meanwhile, had been down 1.1% and is now down just 0.2%.

This recovery effort in the stock market has not been matched by a like-minded recovery effort in the Treasury market, which got stung this morning by the January CPI report and got stung again a short time ago by a $42 billion 10-yr note auction that was met with soft demand.

The high yield of 4.632% tailed the when-issued yield by nearly a basis point and the bid-to-cover ratio (2.48x) was a bit below the average from the prior 12 auctions (2.52x).

The 2-yr note yield is up eight basis points to 2.37% and the 10-yr note yield is up 10 basis points to 4.64%.