(Bloomberg) — Stocks joined bonds higher after a solid $39 billion Treasury sale triggered speculation that Wednesday’s inflation reading will help make the case for the Federal Reserve to cut rates this year.
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Big tech led gains in equities as Apple Inc. jumped to a record. Banks remained under pressure, with giants like JPMorgan Chase & Co. and Citigroup Inc. getting hit. Treasury yields fell across the curve. Demand in an auction of 10-year debt was strong, with the bid-to-cover ratio of 2.67 being the highest since February 2022 — the month before the start of the tightening cycle.
“The US Treasury market…