Stock Market Update

[BRIEFING.COM] A spike in the last half hour stemmed from a Truth Social post from President Trump authorizing a 90 day pause for other countries tariffs outside of China; says there will be a "substantially lowered "reciprocal tariff during this period, of 10%, also effective immediately". President Trump also posted that he will raise tariff rates on Chinese imports to 125% from 104%.

Stocks across the market are seeing a boost, notably NVIDIA (NVDA 106.42, +10.12, +10.51%), Apple (AAPL 188.53, +16.11, +9.34%) and Boeing (BA 151.65, +12.26, +8.80%) remain atop the DJIA.

The DJIA is now +6.38% off this afternoon's lows.

Elsewhere, U.S. Treasuries have rallied off their lows thanks to an excellent $39 bln 10-yr note reopening, which assuaged some fears about growing structural cracks in the Treasury market. Treasuries hovered just above their opening lows ahead of the auction but they are now back near their rebound highs from mid-morning trade. The 10-yr note reopening drew a high yield of 4.435%, which stopped through the when-issued yield by three basis points. The bid-to-cover ratio (2.67x) was well above average (2.54x) while indirect takedown (87.9% vs 67.3% average) hit a record, reflecting huge foreign interest.