The S&P 500 has notched three straight closing record highs and looked to be cruising on its way to a fourth earlier today. However the index has now given back most of its gains with the S&P 500 up 15 points after rising as much as 35 points.The index is now chewing into the session-opening gap.The main catalyst for selling was a 2 basis point tail at a $61 billion 5-year Treasury auction. It was the largest tail since September 2022 and raises some concerns about US indebtedness ahead of the upcoming Treasury refunding announcement. US yields are up 3-5 bps across the curve at the moment and the highs of the day.We're also into earnings season and there is angst about that, including Tesla
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