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Market Brief – Wednesday 10/6/21

Stocks fell in overnight trading but buyers were lined up at the opening bell ready to buy the dip. Treasury yields also fell in overnight trading and sellers were trying unsuccessfully to push yields higher in early trading.

Mortgage applications fell -6.9% last week as purchase applications fell -1.7% and refinance applications fell -9.5%.

The APD Nonfarm Employment Change beat expectations in September with a +568k print.

The Department of Energy reported crude oil inventories as Crude:  +2.346mm (-418k expected), Cushing: +1.548mm, Gasoline: +3.256mm (-279k expected), and Distillates:  -396k (-1.007mm expected).

Stocks closed higher on the day and Treasury yields lower.