Stocks extended their decline in overnight trading and for the second day in a row, Treasury yields fell in overnight trading.
Initial jobless claims rose +1k to 203k last week. Total claims fell -38k to 1.440 million as unemployed workers show no trouble finding a new job.
The Producer Price Index (PPI) rose +0.5% in April and +11.0% from this time last year. Excluding food and energy, Core PPI rose +0.4% in April and +8.8% from this time last year.
Today’s $22 billion 30-year Treasury Bond auction was met with strong demand as foreign bidders took 69.7% of the auction and domestic bidders took 16.6% of the auction, leaving securities dealers with 13.7% of the auction.
Stocks closed slightly lower after a volatile day of trading. Except for the long bond, Treasury yields also closed lower on the day.
