Stocks rebounded in overnight trading as investors bought the dip, but stock prices were heading lower in early trading. Treasury yields also rose in overnight trading, but like stocks, they were heading lower in early trading.
Both export and import prices fell -6.0% from this time last year as the U.S. is now importing and exporting deflation.
The University of Michigan’s Preliminary Consumer Confidence Survey for June saw a rebound in consumer sentiment, current conditions, and expectations as consumers appear more confident about the economy than they did last month.
Stocks closed higher after a volatile session of trading along with Treasury yields. Thirty-year Treasury yields failed to break a key support level at 1.4% and closed near their opening yield of 1.45%.