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Market Brief – Tuesday 3/30/21

Stocks fell in overnight trading but buyers were undeterred as they attempted to bid stock prices higher in early trading. After rising in overnight trading, Treasury yields opened flat on the day and were slightly lower in early trading.

Redbook same-store weekly retail brick-and-mortar retail sales fell -17.4% from this time last month and rose +9.8% from this time last year.

The House Price Index rose +1.0% in January and +12.0% from this time last year.

Consumers were more confident in March as the Conference Board’s Consumer Confidence survey rose from 90.4 to 109.7.

Stocks and Treasury yields closed lower on the day. Thirty-year Treasury yields broke 2.4%, a heavy level of resistance, which once again suggests a run down to 2.2%.

The American Petroleum Institute reported crude oil inventories as Crude: +3.910mm (-1.500mm expected), Cushing: +904k, Gasoline: -6.012mm (+700k expected), and Distillates: +2.595mm (+500k expected). Crude oil was flat in after-hours trading following the report.