Stocks rose in overnight trading and other than a dip right after the opening bell, stocks continued to rally in early trading. After barely moving in overnight trading, Treasury yields headed lower in early trading. The dollar, which most investors are betting it is heading to zero, rose for the second day in a row in early trading.
Mortgage applications fell -2.0% last week as purchase applications fell -0.2% and refinance applications fell -3.1%.
ADP reported an increase of +428k jobs in August, missing expectations of a +950k print.
Durable goods excluding defense rose +10.1% in July. Factory orders rose +6.4% in June and excluding transportation, factory orders rose +2.1% in July.
The Department of Energy reported crude oil inventories as Crude: –.362mm (-1.887mm expected), Cushing: -1.676mm (-1.357mm expected), Gasoline: -4.320mm (-3.036mm), and Distillates: -1.676mm (-1.357mm expected). Crude oil fell following the report.
Investors bid stock prices up today as if they were going out of style, sending the S&P 500 and Nasdaq-100 to new all-time highs. Treasury yields continue to signal tight financial conditions as yields fell for the third day in a row.