Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.3%), and DJIA (+0.4%) remain in a relatively tight range near session highs.

U.S. Treasuries also continue to navigate a sideways range with modest gains in longer-dated notes while the front end underperforms, keeping the 2-year note little changed for the day. Treasuries followed their modestly higher open with a brief morning extension to fresh highs before giving in to some selling, which pressured action below today's starting levels. The market has taken a small step back in immediate reaction to today's $13 billion 20-year bond reopening, which met soft demand, as the high yield (5.469%) tailed the when-issued yield (5.460%) by nearly a basis point while indirect takedown (58.2%) was below average (64.1%). However, the bid-to-cover ratio (2.73x) was above the prior 12-auction average (2.63x).