The market has lost its steam and is near the lows of the session, though nine sectors continue trading higher with Energy (XLE) leading.

The decline in the S&P 500 attributed to some influential names turning lower such as Nvidia (NVDA) and Broadcom (AVGO).

The gains in Energy today were driven by a bullish weekly inventory report from the Energy Information Administration (EIA).

The U.S Treasury auctioned off $42B in 10-year notes today. A higher tail and lower bid to cover ratio indicates a bit weaker demand than the previous issuance. The high yield fell from 4.276% to 3.96%, as rate cuts expectations continue to grow.

Key Points:

• High Yield: 3.960% (prev. 4.276%)
• When-Issued: 3.929%
• Tail: 3.1 bps (vs 6-auction avg of 0.1 bps)
• Bid-to-Cover Ratio: 2.32 (prev. 2.58)
• Directs Accepted: 16.0% (prev. 20.9%)
• Indirects Accepted: 66.2% (prev. 67.6%)
• Dealers' Takedown: 17.8% (vs 6-month avg of 11.5%)