Stocked erased yesterday’s losses in overnight trading as global investors remain extremely bullish on U.S. equities and were flat in early trading. Treasury yields were flat in overnight trading and rose slightly in early trading.
The Producer Price Index (PPI) rose +0.3% in October and +0.5% from this time last year. Excluding food and energy, Core PPI rose +0.1% in October and slowed to +1.1% from this time last year as inflation remains elusive.
Money continues to pour into U.S. equities as investors eagerly buy stocks when prices are near their all-time highs. Treasury yields traded sideways all day as buyers and sellers were evenly matched. Crude oil closed near $40 per barrel and the dollar traded slightly lower.