fbpx

Market Brief – Wednesday 6/29/22

Stocks were flat in overnight trading while Treasury yields fell slightly. Stocks rose slightly and Treasury yields slid in early trading.

Mortgage applications rose +0.7% last week as purchase applications rose slightly and refinance applications rose.

First quarter GDP growth fell -1.6%, the GDP Price Index rose +8.3%, GDP Sales fell -1.2%, PCE Prices rose +7.1%, Core PCE Prices rose +5.2%, Corporate Profits fell -4.9%, and Real Consumer Spending rose +1.8%, all missing expectations.

The Department of Energy reported crude oil inventories as Crude: -2.762mm (-569k expected), Cushing: -782k, Gasoline: +2.645mm (-452k expected), and Distillates +2.559mm (+328k expected).

Stock were flat on the day while Treasury yields closed lower.