fbpx

Market Brief – Wednesday – 6/30/21

Stocks were flat in overnight trading but were slightly higher in early trading. Treasury yields fell slightly in overnight trading, with 30-year Treasury yields remaining below 2.1%, and were extending their decline in early trading. Mortgage applications fell 6.9% as purchase applications fell -4.8% and refinance applications fell -8.2%. ADP Nonfarm Employment Change showed +692k … Read more

Market Brief – Tuesday 6/29/21

Stocks and Treasury yields nudged higher in overnight trading and both were holding their overnight increase in early trading. Home prices rose +1.8% in April and +15.7% from this time last year as housing prices continue their unstoppable rally. The Conference Board Consumer Confidence survey showed consumers are more confident in June as the survey … Read more

Market Brief – Monday 6/28/21

Stocks started the week slightly higher with the tech-heavy Nasdaq-100 leading but other than the Nasdaq-100, stocks flipped into the red in early trading. Treasury yields fell in overnight trading and continued their overnight decline as 30-year Treasury yields quickly revisited 2.1% in early trading. Stocks reversed their early dip to close slightly higher as … Read more

The Fed’s Big Mistake

There is a big problem brewing in the financial system as cash builds up in the large commercial banks. Every night the large commercial banks are borrowing over $500 billion of pristine collateral, or Treasury securities, from the Fed at zero percent to get this overabundance of cash off their balance sheets for the night. … Read more

Market Brief – Friday 6/25/21

Stocks hit new all-time highs in overnight trading as foreign investors continue to bid U.S. equities higher. Treasury yields rose slightly in overnight trading and further increased in early trading as investors aggressively sold bonds. Personal Consumption Expenditures (PCE) rose +0.4% in May and +3.9% from this time last year. Core PCE, the Fed’s preferred … Read more

Market Brief – Thursday 6/24/21

Stocks rallied in overnight trading sending the S&P 500 and Nasdaq-100 to new all-time highs as fearless investors continue to bid stock prices higher. Treasury yields fell slightly in overnight trading and 30-year Treasury yields dipped below 2.1% in early trading. Initial unemployment claims remain about twice that of a healthy economy as they came … Read more

Market Brief – Wednesday 6/23/21

Stocks were flat in overnight trading and were flat in early trading except for small-cap stocks which were heading higher. Treasury yields rose in overnight trading and extending their overnight move in early trading. Mortgage applications rose +2.1% as purchase applications rose +0.64% and refinance applications rose ++2.77%. The preliminary Markit Manufacturing PMI expanded slightly … Read more

Market Brief – Tuesday 6/22/21

Stocks were flat in overnight trading but buyers were eager to follow through from yesterday as prices rose in early trading. Treasury yields rose in overnight trading but recovered most of their overnight decline in early trading. Existing home sales fell -0.9% in May for the fourth month in a row, but beat expectations as … Read more

Market Brief – Monday 6/21/21

Stocks dipped in overnight trading but buyers were lined up at the opening bell as they quickly drove stock prices higher in early trading. Treasury yields rose in overnight trading as sellers drove 30-year Treasury yields back up to 2.1% after they briefly fell below 2.0%. The Chicago Fed National Activity Index showed strong above-trend … Read more

Market Brief – Friday 6/18/21

Stocks and Treasury yields fell in overnight trading ahead of a large number of options contracts set to expire today. Both stocks and Treasury yields were lower in early trading. Stocks closed lower on the day and Treasury yields closed down with 30-year Treasury yields closing just over 2.0%.