Stocks and Treasury yields started the day higher as investors attempted to undo yesterday’s big decline in overnight trading.
Mortgage applications fell -7.2% as purchase rose +5.1% and refinance applications fell -14.8%.
ADP Nonfarm Employment Change rose +534k in November.
The Markit Manufacturing PMI expanded at a slower rate to 58.3 in November.
Construction Spending rose +0.2% in October.
The “official” ISM Manufacturing PMI expanded at a faster rate in November to 61.1. Employment and new orders rose at a faster rate, while prices paid rose at a slower rate.
The Department of Energy reported crude oil inventories as Crude -910k (-1.237mm expected), Cushing: +1.159mm, Gasoline: +4.029mm (+29k expected), and Distillates: +2.160mm (+462k expected).
Stocks and Treasury yields closed lower on the day.