Market Brief – Monday 6/29/20

Stocks headed higher in early trading following a better-than-expected pending home sales report and reports the number of new Coronavirus cases is slowing. Treasury yields were up slightly in early trading.

Pending home sales shot up +44.3% in May but were down -10.4% from this time last year. On a year-over-year basis, pending home sales are back where they were in 2011.

After trading higher all day, stocks were bid in the last ten minutes of trading to close higher. Treasury yields closed lower on the day.