Stocks rose in overnight trading but immediately met sellers after the opening bell. Stocks were down slightly from their overnight highs in early trading. Treasury yields were flat in overnight trading but were falling in early trading. Personal Consumption Expenditures (PCE), the Fed’s preferred inflation gauge, rose +0.6% in April and +3.6% from this time … Read more
Stocks rose in overnight trading after President Biden announced his oversized budget for the coming year which also sent Treasury yields higher. Both stocks and Treasury yields were higher in early trading with 30-year Treasury yields touching 2.3%. Initial claims fell to +406k last week as fewer Americans filed for unemployment benefits. Total claims, including … Read more
Stocks rose slightly in overnight trading and were holding their overnight gains in early trading. Treasury yields fell slightly in overnight trading and were holding their overnight decline in early trading. Mortgage applications fell -4.2% last week as purchase applications rose +1.7% and refinance applications fell -7.2%. The Department of Energy reported crude oil inventories … Read more
Stocks rose in overnight trading but were quickly fading their overnight gains in early trading. Treasury yields fell in overnight trading and were lower in early trading. Redbook same-store weekly brick-and-mortar retail sales were up +13.6% from this time last year. Home prices rose +1.4% in March and +13.9% from this time last year as … Read more
Stocks rallied in overnight trading to reclaim Friday’s highs, then extended their rally in early trading. Treasury yields fell in overnight trading and continued their decline in early trading. The Chicago Fed National Activity Index showed the national economy expanded at a much slower rate in May as the index fell from 1.71 to 0.24. … Read more
Most people think of a bond as a loan where the bondholder receives a regular coupon until the maturity date when their money is returned. While a bond is a debt instrument, it is much more than that. A bond is also a form of deferred dollars where the value of the bond fluctuates until … Read more
Stocks rallied in overnight trading but were fading their overnight gains in early trading. Treasury yields fell in overnight trading but sellers were quick to push back. Yields were flat in early trading. The Markit preliminary May Manufacturing PMI is indicating the manufacturing sector is expanding at a slightly faster rate and the Services PMI … Read more
Stocks rallied in overnight trading and were in full rally mode in early trading. Treasury yields fell in overnight trading and extended their decline in early trading. Initial claims fell to +444k last week as fewer Americans filed for unemployment benefits. Total claims, including all forms of Pandemic Unemployment Assistance, fell -886k to 15.975 million. … Read more
Stocks fell in overnight trading as liquidity slowly disappears from global markets. Dip buyers were lined up at the opening bell to fight against the liquidity drain. Treasury yields were flat in overnight trading and were lower in early trading. Mortgage applications rose +1.2% last week as purchase applications fell -4.1% and refinance applications rose … Read more
Stocks were flat in overnight trading and flat in early trading. Treasury yields were slightly higher in overnight trading then moved a bit higher as sellers continue to bet on inflation. Building permits rose +0.3% to 1.760 million and housing starts fell -9.5% to 1.569 million in April Redbook same-store weekly retail brick-and-mortar sales slowed … Read more