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Market Brief – Wednesday 4/27/22

Stocks started the day slightly higher and after a brief pullback, raced higher. Treasury yields also started the day higher and rose in early trading.

Mortgage applications fell -8.3% last week as both purchase and refinance applications were lower.

The trade deficit surged in March by -$125.32 billion as imports continue to outpace exports.

Retail inventories, excluding autos, rose +2.3% and wholesale inventories rose by 2.3% in March.

Pending Home Sales fell -1.2% in March.

The Department of Energy reported crude oil inventories as Crude: +692k (+2.000mm expected), Cushing: +1.298mm, Gasoline: -1.573mm (+808k expected), and Distillates: -1.449mm (-292k expected).

Today’s $49 billion 5-year Treasury Note auction was met with strong demand as foreign bidders took 64.0% of the auction and domestic bidders took 19.5% of the auction, leaving securities dealers with a mere 16.5% of the auction.

Stocks were mixed on the day after a volatile day of trading while Treasury yields closed higher.