(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 is finally smiling after many, many months with at best mediocre auctions,” said Peter Boockvar at the Boock Report. “Is the market sniffing out a softer CPI tomorrow? Worried about economic growth?”
The S&P 500 closed at a fresh all-time high. In late trading, Oracle Corp. surged as solid…
