Market Brief – Wednesday 9/29/21

Stocks rose in overnight trading after yesterday’s hammering and were holding their overnight gains in early trading. Treasury yields fell in overnight trading but sellers were pushing them back higher in early trading.

Mortgage applications fell -1.1% last week as purchase applications fell -1.2% and refinance applications fell -0.9%.

Pending home sales jumped +8.1% in August and increased to -6.3% from this time last year.

The Department of Energy reported crude oil inventories as Crude: +4.578mm (-1.652mm expected), Cushing: +131k, Gasoline: +193k (+1.400mm expected), and Distillates: +385k (-1.648mm expected).

Stocks and Treasury yields closed slightly lower on the day.