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Market Brief – Wednesday 10/14/20

Stocks rose slightly in overnight trading and were struggling to find buyers in early trading. Treasury yields fell in overnight trading and were holding their overnight gains in early trading.

Mortgage applications fell -0.7% last week despite record-low mortgage rates as purchase applications fell -1.6% and refinance applications fell -0.3%.

The Producer Price Index rose +0.4% in August and +0.4% from this time last year, and excluding food and energy, Core PPI rose +0.4% in August and +1.2% from this time last year.

Stocks traded lower all day and despite attempts to bid prices up, stocks closed lower on the day. Treasury yields gave back some of their overnight declines but still closed lower on the day.