Stocks were down slightly in overnight trading but investors were lined up for the opening bell as stocks rose in early trading. Treasury yields dipped slightly in overnight trading and were slowly trending lower in early trading.
Mortgage applications fell -5.1% last week as purchase applications fell -4.6% and refinance applications fell -5.3%.
Exports fell -2.6% to $187.3 billion and imports fell -0.7% to $258.3 billion as the trade deficit hit a record high in February.
The Department of Energy reported crude oil inventories as Crude: -3.522mm (-1.436mm expected), Cushing: -735k, Gasoline: +4.044mm (-221k expected), and Distillates: +1.452mm (+486k expected). Crude oil fell following the report.
Consumer Credit beat expectations as Americans increased their debt by +$27.58 billion in February as revolving debt increased by +$8b and non-revolving debt increased by +$20 billion.
Stocks were flat on the day while Treasury yields rose to give back all of yesterday’s decline after the consumer credit report was released.