Stocks rose in overnight trading but quickly gave back their overnight gains in early trading as stocks were down slightly in early trading. Treasury yields fell in overnight trading as 30-year Treasury yields fell to 2.2%. Sellers pushed back against the overnight decline but yields remained lower in early trading.
The NFIB Business Optimism index remained unchanged for May.
Exports rose +1.14% and imports fell -1.37% in May as signs the U.S. economy is peaking.
The Job Opening and Labor Turnover Survey (JOLTS) reported 9.286 million job openings in April.
Today’s $58 billion 3-year Treasury Note auction was met with strong demand as foreign bidders took 54.2% of the auction and domestic bidders took 18.3% of the auction, leaving securities dealers with 27.6% or $15.969 billion. Treasury yields were flat following the auction.
Stocks closed slightly higher but failed to hold their overnight gains. Treasury yields closed lower but failed to hold their overnight lows.