The market is in a wait-and-see mode ahead of tomorrow’s CPI numbers and this afternoon’s 10-year note auction.

The 10-year auction was slightly better than last December.

• The high yield of 4.024% was 5-basis points (bps) above when issued
• Direct Accepted 18.7%, slight decrease from 18.9%
• Bid-to-cover ratio of 2.56, above the one-year average

The Communication Services sector is taking the momentum lead as growth names staged a rebound.

Market breadth improved in early afternoon, but it was nothing to write home about, and there were still many more new lows than highs on the NASDAQ Composite.

Yet, market breadth has been narrowing so far this month. Time will tell with CPI tomorrow if this trend changes.

Major indices are higher ahead of tomorrow's key report.