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Market Brief – Tuesday 6/28/22

Stocks and Treasury yields rose in overnight trading as inflation continues to weigh on investors.

The Goods Trade Balance or trade deficit decreased slightly in May to -$104.31 billion.

Retail inventories rose +0.8% and preliminary wholesale inventories rose +2.0% in May.

Home prices rose +1.6% in April and +18.8% from this time last year.

The Conference Board’s Consumer Confidence Survey crashed to 98.7 in June from 103.2 last month.

Today’s $40 billion 7-year Treasury Note auction was met with weak demand as foreign bidders took 61.9% of the auction and domestic bidders took 20.4% of the auction, leaving securities dealers with 17.7% of the auction.

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