Stocks were flat in overnight trading and were flat in early trading. Treasury yields rose slightly in overnight trading with 30-year Treasury yields touching 1.9% before early morning sellers pushed long yields over 1.9% as the selling against the long bong on hopes of reflation continues.
Redbook same-store weekly retail brick-and-mortar retail sales fell -2.6% last week and slowed considerably to +2.1% from this time last year as higher consumer prices meet lower demand.
The Job Openings and Labor Turnover Survey (JOLTS) showed job openings declined in November to 6.527 million jobs from 6.632 million the month before.
Today’s 10-year $38 billion Treasury Note auction was met with strong demand as foreign bidders took 62.2% of the auction and domestic bidders 17.8% of the auction, leaving securities dealers with 20.0% or $7.594 billion. Treasury yields fell following the auction.
Stocks were up slightly on the day as prices barely fluctuated. After today’s stellar 10-year Treasury auction, yields fell across the curve squeezing the shorts. After being slammed higher in overnight and early trading, Treasury yields closed slightly lower on the day.