Stocks started the day higher but sellers were lined up at the opening bell as prices fell in early trading. Treasury yields rose in overnight trading with 30-year Treasury yields moving just over 1.95% but buyers were waiting at market open as yields were falling in early trading.
Retail sales rose +0.6% in June and slowed to +17.98 from this time last year. Excluding food and energy, Core Retail sales rose +1.3% in June. Excluding gas and autos, retail sales rose +1.1% and the retail control group, which feeds into the GDP formula, rose +1.1% in June.
The University of Michigan preliminary Consumer Confidence Survey for July shows consumers are less confident about their current and future conditions. Inflation expectations rose across the board.
Stocks closed lower on the day has buyers could not put a stop to the early morning price declines. Treasury yields closed slightly higher on the day as buyers rejected the overnight selling spree.