Stock Market Update

[BRIEFING.COM] The major indices are off their best levels of the session but continue to reside in positive territory.

President Trump is expected to speak soon about the introduction of "reciprocal tariffs." Earlier, it was reported that he would do this by way of a presidential memorandum, as opposed to an executive order, and that any reciprocal tariffs would likely be delayed from implementation until April with the possibility of special exemptions for some products and/or countries.

That reporting took off some of the tariff edge that helped the stock market climb to higher levels earlier and Treasury yields to travel lower.

On a related note, the $25 billion 30-yr bond auction was met with soft demand (like yesterday's 10-yr note auction). The high yield of 4.748% tailed the when-issued yield by 1.2 basis points and the 2.33 bid-to-cover ratio was shy of the prior 12-auction average of 2.44. Nonetheless, there wasn't much reaction in the Treasury market where yields remain pinned close to their lows for the day.

The 2-yr note yield is down six basis points to 4.31% and the 10-yr note yield is down 10 basis points to 4.54%.