Stocks continued their Bear market rally as investors shrug off any negative news and keep buying. Treasury yields started the day slightly higher.
Initial jobless claims rose +14k last week to 262k. Total claims rose +9.2k to 1.478 million.
The Producer Price Index rose +0.2% in July and slowed to +9.8% from this time last year. Excluding food and energy, Core PPI fell -0.5% in July and slowed to +5.8% from this time last year.
Today’s $21 billion 30-year Treasury Bond auction was met with mediocre demand as foreign bidders took 70.6% of the auction and domestic bidders took 18.5% of the auction, leaving securities dealers with 10.8% of the auction.
After rallying in overnight trading and into early trading, stocks reversed direction to close lower on the day. Despite strong demand from the Treasury auctions this week, yields were slammed higher across the curve.