Stock Market Update

[BRIEFING.COM] The market faded hard after the 20-yr auction results came in weaker than expected, signaling possible angst about investors' willingness to take on government debt; the Dow Jones Industrial Average (-1.79%) is down 763 points to a five-session low.

A look inside the DJIA shows that UnitedHealth (UNH 303.42, -18.16, -5.65%), Nike (NKE 60.36, -2.20, -3.52%), and American Express (AXP 286.91, -9.26, -3.13%) are underperforming.

Meanwhile, Coca-Cola (KO 71.76, +0.07, +0.10%) is modestly higher.

The DJIA is now -1.74% lower week-to-date.

Elsewhere, treasury yields moved to session highs in the wake of a 20-yr bond auction that saw the high yield of 5.047% tail the when-issued yield of 5.035% by more than a basis point. Dollar demand was relatively soft compared to the prior 12 auctions, as the 2.46 bid-to-cover ratio failed to match the prior 12-auction average of 2.58. Notably, indirect demand -- an indication of foreign interest -- was largely in line with the demand seen over the previous 12 auctions. Stocks have seen some knee-jerk selling interest on the auction results.