A rally in US stocks lost steam on Tuesday, while Treasury yields steadied, as investors digested a large influx of new government debt supply with ease.
The S&P 500 snapped a five-day winning streak to close lower by 0.2 per cent, while the Nasdaq Composite eked out a small gain. It rose by 0.1 per cent.
Long-dated US government bonds, meanwhile, pared back earlier losses in afternoon trading in New York following a $24bn auction of 20-year bonds that saw strong demand — the debt was offloaded at a yield of 2.29 per cent. Investors have been paying keen attention to US Treasury auctions following a poor sale late last month that prompted heavy selling and hectic price moves in the world’s largest bond market.
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