Stock Market Update

[BRIEFING.COM] There is more buying in today's market than meets the index eye. Advancers are ahead of decliners by a 4-to-3 margin at the NYSE; and the equal-weighted S&P 500 is up 0.2%.

The main problem has been the mega-cap stocks. Microsoft (MSFT 398.50, -5.50, -1.4%), in particular, continues to act poorly after trading below both its 50-day moving average and 200-day moving average on January 30. It still hasn't been able to find much of a bid. Earlier today, Alphabet (GOOG 178.66, -2.53, -1.4%) briefly traded below its 200-day moving average before finding support while Meta Platforms (META 658.08, -10.05, -1.5%) also traded briefly below its 50-day moving average before finding support.

META for its part has declined 11.1% from the high it saw on February 14. That high was reached on the same day META logged its 20th consecutive winning session.

Separately, Treasuries are holding steady in the wake of the $70 bln 5-yr note sale, which met strong demand. The auction drew a high yield of 4.123%, which stopped through the when-issued yield by a basis point while the bid-to-cover ratio (2.42x vs 2.39x average) and indirect takedown (74.9% vs 67.7% average) were above average.