Market Brief – Wednesday 6/8/22

Stocks started the day slightly lower and Treasury yields were higher. Stocks were mixed in early trading while Treasury yields were fighting their way back down.

Mortgage applications fell -6.5% last week with both purchase and refinance applications down.

Wholesale Inventories rose +2.7% and Wholesale Trade Sales rose +0.7% in April.

The Department of Energy reported crude oil inventories as Crude: +2.025mm (-1.917mm expected), Cushing: -1.593mm, Gasoline: -812k (+1.075mm expected), and Distillates: +2.592mm (+1.060mm expected).

Today’s $33 billion 10-year Treasury Note auction was met with weak demand as foreign bidders took 63.6% of the auction and domestic bidders took 19.4% of the auction, leaving securities dealers with 17.0% of the auction.

Stocks closed lower and Treasury yields closed higher on the day.