Market Brief – Tuesday 5/10/22

Stocks rose in overnight trading giving many recent dip buyers hope the sell-off is over. Treasury yields in a rare move declined sharply in overnight trading.

The National Federation of Small Business Optimism Index was unchanged in April as small businesses are not very optimistic about the economy.

Today’s $45 billion 3-year Treasury Note auction was met with strong demand as foreign bidders took 62.0% of the auction and domestic bidders took 18.0% of the auction, leaving securities dealers with 20.0% of the auction.

Stocks closed slightly higher on the day with technology stocks leading the day. Treasury yields closed lower on the day but higher than their intra-day lows.