With the country of China on a week-long holiday, their markets are also closed, which led to quieter-than-normal overnight trading. This translated to the U.S. markets, where trading volumes were half their normal rate in early trading. Treasury yields moved higher in early trading after bouncing off support on Friday but started to fade their rise by midday.
Factory orders fell for the second consecutive month in November, which hasn’t happened since 2016, when the economy was facing the possibility of a recession.
The Small Business Confidence index plunged and is now near its 2016 lows, as small businesses are seeing buying interest, but fewer actual buyers.
Stocks closed higher on very light volume as investors awaited earnings results from Amazon and Google. Google beat expectations, but their stock traded -3% lower in after-hours trading. Treasury yields closed slightly higher on the day with 10-year Treasuries back over 2.7%.
Agricultural commodities jumped back over their overhead resistance level as buyers once again defend their five-time price low.