Industrial production increased more than expected at 0.9% m/m in May vs. consensus of 0.3%. This is the best reading since January of 2023.

Other notable readings:

- Mining index rose 0.3%.

- Utilities index rose 1.6%.

Manufacturing production also came in much stronger than expected in May, driven by gains in machinery, despite a pullback in furniture.

Only four sectors are in the red this afternoon with Communication Services (XLC) the biggest laggard. Shares of Meta Platforms (META) are down 1.8% and are Communication Services’ worst performing stock.

Bond Auction

20-year bond auction high demand persists.

• High Yield Rate 4.452% vs. 4.635% prior
• Big-Cover Ratio 2.74 vs. 2.51 prior
• Direct Accepted 16.3% vs. 19.2% prior
• Indirect Accepted 77.9% vs. 70.8% prior

The stock market is closed tomorrow in observance of Juneteenth.