Stock Market Update

[BRIEFING.COM] The stock market has had a bit of a struggle today, unable to maintain the gains it saw after the open. Those gains started to fade shortly after 10:00 a.m. ET, which is when the 10-yr note yield took out its overnight high of 4.66% and kept going.

The yield on the 10-yr note is at 4.70% now, up six basis points for the day and up five basis points for the week. The 30-yr bond yield, meanwhile, is up seven basis points for the week to 5.27%.

Those moves by the inflation-sensitive securities don't fit this week's narrative that has featured seemingly market-friendly inflation readings for the July CPI and PPI reports. That data has quieted concerns about a possible rate hike at the September FOMC meeting, but other issues—namely, supply concerns, fiscal concerns, and, yes, lingering inflation concerns—have kept pressure on longer-dated yields.

Following this week's form, longer-dated Treasury securities did not attract buying interest despite a much weaker-than-expected retail sales report for July.

The bump in yields has been a headwind for stocks today, which are sporting modest losses ahead of the weekend.