Stocks rose in overnight trading as investors continue buying the dip hoping stocks will resume their bull market trend. Treasury yields rose slightly in overnight trading as concerns over the debt ceiling weight on the Treasury market.
Initial claims rose +362k as the trend of initial claims continues to rise. Total claims, including all forms of Pandemic Unemployment Assistance, fell -6.222 million to 5.027 million as emergency support of the economy ends.
Stocks closed sharply lower and Treasury yields flat on the day.