Solid Treasury Auction Sends Yields To Session Lows. Stocks Stagnant.

3:15 p.m. ET A solid 5-year Treasury auction (1 pm ET) sent yields lower. The 2-year is down -5 bp and 10-year down -8 bp. 90% of the time in 2023 a near double digit basis point drop in yields would have sent stocks soaring high, especially the mega-caps (valuations relative to yields). The move…