Stocks and Treasury yields rose in overnight trading, with stocks jumping higher. Stocks and Treasury yields were fading their overnight ramp in early trading.
Retail Sales rose +0.9% in April and +8.19% from this time last year. Excluding food and energy, Core Retail Sales rose +0.6%, the Retail Control Group rose +1.0%, and excluding gas and autos, retail sales rose +1.0% in April.
Industrial Production rose +1.1% in April and +6.40% from this time last year. Manufacturing Production rose +0.8% and Capacity Utilization rose to 79% in April.
Business inventories rose +2.0% and retail inventories, excluding autos, rose +2.5% in March.
Stocks rallied and closed higher after Fed Chair Powell reiterated that more rate hikes were coming. Treasury yields went sideways all day to close near their opening move higher.