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Market Brief – Tuesday 6/15/21

Stocks were flat in overnight trading and in a rare move, down slightly in early trading. Treasury yields were flat in overnight trading going into today’s PPI print which sent 30-year Treasury yields back up to 2.2%.

The Producer Price Index rose +0.8% in May and +6.6% from this time last year. Excluding food and energy, producer prices rose +0.7% in May and +4.8% from this time last year.

The NY Empire State Manufacturing Index slowed to 17.40 in June from 24.30 in May, missing expectations of a 23.00 print.

Retail sales fell -1.3% in May and slowed to +29.15% from this time last year. Excluding food and energy, core retail sales fell -0.7% in May and the retail control group, which feeds into the GDP calculation, fell -0.7% in May.

Industrial production rose +0.8% in May and +16.37% from this time last year. Manufacturing production rose +0.9% in May and Capacity Utilization rose to 75.2% in May.

Today’s $24 billion 20-year Treasury Bond auction was met with strong demand as foreign bidders took 62.1% of the auction and domestic bidders took 20.4% of the auction, leaving securities dealers with 17.5% or $4.206 billion. Treasury yields fell following the auction.

Stocks closed lower on the day and Treasury yields slightly higher as 30-year Treasury yields held 2.2% once again.