Stocks rose in overnight trading as hopes for a Bear market rally pull money into the markets. Treasury yields rose in overnight trading as fears of inflation pushed yields higher. Stocks were rallying in early trading and Treasury yields were headed lower in early trading.
The University of Michigan’s Consumer Sentiment survey showed sentiment declined slightly in June to the lowest level in the survey’s history. Current conditions fell while consumer expectations rose as consumers hope things can’t get much worse. Inflation expectations and 5-year inflation expectations both fell.
New home sales surged +10.7% in May to 696k homes sold.
Stocks and Treasury yields closed higher on the day.