Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%) and Nasdaq Composite (-1.4%) continue to chart session lows as semiconductor stocks continue to retreat following a Financial Times report that OpenAI's annualized revenue is running $20 billion below earlier estimates.

Meanwhile, the DJIA (-0.1%) sits just below its flat line as stocks in the financials sector (+0.9%) begin to move firmly higher, while the energy (+2.8%) and consumer staples (+2.2%) sectors also chart session highs.

U.S. Treasuries trade near their best levels after staging a comeback from their starting lows. The rebound has been paced by longer tenors, with 10s and 30s now trading modestly higher for the day while the front end remains a bit behind, leaving the 2-year note with a modest loss. The market started rebounding shortly after the cash open, followed by an extension to fresh highs during the past hour, after President Trump said that there are no plans for additional attacks on Iran ahead of the midterms, countering recent press speculation. Treasuries of most tenors have extended the rebound in the past few minutes after the U.S. Treasury completed this week's note and bond auction slate with a good $22 billion 30-year bond reopening. Granted, the sale produced a slight tail of one-tenth of a basis point, but the bid-to-cover ratio (2.54x vs 2.42x average) and indirect takedown (72.3% vs 68.0% average) were comfortably above average, serving as reassurance about demand for long-term debt.