Stocks fell in overnight trading but were given a boost in early trading as the Biden Administration indicated it was making changes to the tax proposal to gain GOP support. Stocks remained lower in early trading. Treasury yields rose slightly in overnight trading and sellers were back as they pushed 30-year Treasury yields back over 2.3% in early trading.
Challenger job cuts for May were 24,586.
The ADP Nonfarm Employment Change for May beat expectations with +978k jobs created.
Initial claims fell to +385k last week and total claims, including all forms of Pandemic Unemployment Assistance, fell -366k to 15.4 million.
All car sales slowed to 3.95 million and all truck sales slowed to 13.04 million in May.
The Markit Services PMI expanded at a faster rate in May to 70.4 bringing the Composite PMI up to 68.7 for May.
The ISM Non-Manufacturing PMI expanded at a faster rate in May to 64.0 from 62.7 last month. Leading the report was business activity, prices paid, and new orders, while employment slowed.
The Department of Energy reported crude oil inventories as Crude: -5.080mm (-2.443mm expected), Cushing: +784k, Gasoline: +1.500mm (-1.479mm expected), and Distillates: +3.720mm (-1.479mm expected).
Stocks closed lower and Treasury yields higher with 30-year Treasury yields holding at 2.3% for another day.