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Market Brief – Wednesday 1/19/22

Stocks started the day higher but faced selling pressure in early trading. Treasury yields fell slightly in overnight trading and were down a bit more in early trading.

Mortgage applications rose +2.3% last week as purchase applications rose but refinance applications fell.

Building permits rose +9.1% or 1.873 million permits in December. Housing starts rose +1.4% or 1.702 million units in December.

Todays’ $20  billion 20-year Treasury Bond auction was met with strong demand as foreign bidders took 66.2% and domestic bidders took 17.0%, leaving securities dealers with 16.8%.

Stocks closed sharply lower as selling accelerated during late afternoon trading. Treasury yields closed lower on the day.