Stocks fell in overnight trading and were sliding in early trading as quarter-end rebalancing is meeting forced quant buying. Treasury yields fell slightly in overnight trading but sellers were lined up at the gate at the opening bell as they quickly drove 30-year Treasury yields back up to 2.4% where buyers were eagerly waiting.
Stocks managed to recover from their early selling and were mixed on the day. Treasury yields rose most of the day as computer-traded models went max short on the German Bund which drove global sovereign yields higher. Treasury yields were able to get back some of the day’s ramp in the last hour of trading.