It was risk-on in overnight trading as stocks rallied and Treasury yields rose slightly. Stocks gave back their overnight gains in early trading and Treasury yields falling from their overnight move higher.
Building permits rose +6.0% in August to 1.728 million permits and housing starts rose +3.9% in August to 1.615 million units.
Today’s $24 billion 20-year Treasury Bond auction was met with strong demand as foreign bidders took 64.2% of the auction and domestic bidders took 18.9% of the auction, leaving securities dealers with 16.9% or $4.052 billion. Yields rose slightly following the auction.
Stocks closed flat and Treasury yields closed slightly higher on the day.