Market Brief – Wednesday 6/22/22

Stocks and Treasury yields fell in overnight trading. Stocks rallied in early trading while Treasury yields were holding their overnight decline.

Mortgage applications rose +4.2% last week as purchase applications rose and refinance applications fell.

Today’s $14 billion 20-year Treasury Bond auction was met with decent demand as foreign bidders took 67.4% of the auction and domestic bidders took 20.2% of the auction, leaving securities dealers with 12.4% of the auction.

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