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Market Brief – Wednesday 10/13/21

Stocks started the day slightly lower and after a brief move higher, selling sent prices lower in early trading. Treasury yields fell in overnight trading and continued lower ahead of today’s 30-year Treasury Bond auction.

Mortgage applications rose +0.2% last week as purchase applications rose +1.5% and refinance applications rose +0.5%.

The Consumer Price Index (CPI) rose +0.4% in September and +5.4% from this time last year. Excluding food and energy, Core CPI rose +0.2% in September and was unchanged at +4.0% from this time last year. Real, or inflation-adjusted earnings, rose +0.8% in September.

Today’s $24 billion 30-year Treasury Bond auction was met with strong demand as foreign bidders took 70.5% of the auction and domestic bidders took 17.2% of the auction, leaving securities dealers with 12.3% or $2.948 billion. Treasury yields fell following the auction.

Stocks closed higher while Treasury yields closed near their lows of the day.