Stocks started the day slightly lower and were indecisive in early trading. Treasury yields fell in overnight trading but sellers were pushing back ahead of today’s auctions.
The Job Openings and Labor Turnover Survey (JOLTS) showed a slight decrease in job openings in August to 10.439 million which is near the all-time high set the prior month.
Today’s $58 billion 3-year Treasury Note auction was met with weak demand as foreign bidders took 44.2% of the auction and domestic bidders took 18.9% of the auction, leaving securities dealers with 36.9% or $21.310 billion. Treasury yields were flat following the auction.
Today’s $38 billion 10-year Treasury Note auction was met with strong demand as foreign bidders took 71.1% of the auction and domestic bidders took 17.7% of the auction, leaving securities dealers with 11.2% or $4.256 billion. Treasury yields fell following the auction.
Stocks closed slightly lower while Treasury yields closed sharply lower on the day.