Stocks rose and Treasury yields fell in overnight trading as investors look for any hope of a Bear market rally. Stocks were higher in early trading and Treasury yields gave back some of their overnight declines in early trading.
Mortgage applications rose +6.6% last week as both purchase and refinance applications increased.
Retail sales fell -0.3% in May and slowed to +8.09% from this time last year. Excluding food and energy, Core Retail sales rose +0.5% in May. The retail control group was unchanged at 0.00%, and when excluding gas and autos, retail sales fell -0.1% in May.
Export prices rose +2.6% and import prices rose +0.6% in May.
The NY Empire State Manufacturing Index improved to -1.20 in June from -11.60 last month.
Business inventories rose +1.2% and retail inventories, excluding autos, rose +1.7% in April.
The Department of Energy reported crude oil inventories as Crude: +1.956mm (-1.314mm expected), Cushing: -826k, Gasoline: -710k (+1.066mm expected), and Distillates: +725k (+292k expected).
The Federal Open Market Committee raised the Federal Funds Rate by +0.75% today as they remain committed to bringing inflation down.
Stocks rallied to close higher and Treasury yields fell to close lower on the day.
