Stocks rose slightly in overnight trading but a lack of buyers in early trading had stocks in the red. Treasury yields fell in overnight trading and after sellers jammed yields higher, they fell below their opening lows in early trading.
Initial unemployment claims jumped to +230k last week and total claims rose +226k to 1.948 million.
The Producer Price Index rose +0.2% in December, missing expectations, and rose +9.7% from this time last year. Excluding food and energy, Core PPI rose +0.5% in December and +8.3% from this time last year.
Today’s $22 billion 30-year Treasury Bond auction was met with strong demand as foreign bidders took 65.0% of the auction and domestic bidders took 17.1% of the auction, leaving securities dealers with 17.9% of the auction.
Stocks and Treasury yields closed lower on the day.