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Market Brief – Wednesday 9/14/22

Stocks and Treasury yields started the day a bit higher as investors are hoping a big rally in stocks will erase most of yesterday’s losses.

Mortgage applications fell -1.2% last week as purchase applications rose slightly and refinance applications fell slightly.

The Producer Price Index fell -0.1% in August and slowed to +8.8% from this time last year. Excluding food and energy, Core PPI rose +0.3% in August and slowed to +7.1% from this time last year.

The Department of Energy reported crude oil inventories as Crude: +2.442mm (+833k expected), Cushing: -135k, Gasoline: -1.767mm (-858k expected), and Distillates: +4.219mm (+600k expected).

Stocks closed higher on the day but didn’t come close to recovering yesterday’s losses. Treasury yields also closed lower on the day.