Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.2%), and DJIA (+0.3%) remain little changed from previous levels early in afternoon trading.

Meanwhile, U.S. Treasuries remain mixed, with modest losses up front and relative strength in longer tenors, which is keeping yields on the10 and 30-year notes near one-month lows, with the 10-year yield sitting right below its 50-day moving average (4.989%). Treasuries climbed off their starting levels during the first couple of hours of trade before finding resistance that returned action toward today's starting levels. The market has faced some light pressure in immediate reaction to today's $69 billion 2-year note sale, which met weak demand, as the high yield (4.708%) tailed the when-issued yield (4.705%) by 0.3 basis points while the bid-to-cover ratio (2.59x vs 2.62x average) and indirect takedown (45.7% vs 58.7%) were below average. The U.S. Treasury will sell $70 billion in 5-year notes tomorrow.