Stocks and Treasury yields gapped higher in overnight trading as investors feel more confident about future growth and inflation.
Mortgage applications fell -6.3% last week as purchase applications fell -4.8% and refinance applications fell -7.1%.
The Department of Energy reported crude oil inventories as Crude: -431k (+1.857mm expected), Cushing: -2.320mm, Gasoline: -5.368mm (-1.267mm expected), and Distillates: -3.913mm (-700k expected).
Today’s $24 billion 20-year Treasury Bond auction was met with weak demand as foreign bidders took 64.8% of the auction and domestic bidders took 15.6% of the auction, leaving securities dealers with 19.6% or $4.694 billion. Treasury yields rose following the auction.
Stocks and Treasury yields closed higher on the day.