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Market Brief – Monday 7/12/21

Stocks were flat in overnight trading, but buyers were eager as they bid stocks higher after the opening bell rang. Treasury yields fell in overnight trading, but sellers were eager to send yields higher ahead of today’s Treasury auctions.

Today’s $58 billion 3-year Treasury Note auction was met with decent demand as foreign bidders took 53.2% of the auction and domestic bidders took 18.3% of the auction, leaving securities dealers with 28.6% or $16.500 billion. Treasury yields rose slightly following the auction.

Today’s $38 billion 10-year Treasury Note auction was met with decent demand as foreign bidders took 63.5% of the auction and domestic bidders took 17.5% of the auction, leaving securities dealers with 19.0% or $7.233 billion. Treasury yields fell slightly following the auction.

Stocks and Treasury yields closed higher on the day with 30-year Treasury yields closing right at 2.0%.