Market Brief – Friday 7/24/20

Stocks started the day lower after China stocks dumped due to heightened political tensions between the U.S. and China. Treasury yields also fell in overnight trading but ran into sellers who quickly pushed back. Both stocks and yields were down in early trading.

Preliminary Markit Manufacturing PMI came in at 51.3 for July, the Services PMI came in at 49.6 for July, and the Composite PMI came in at 50.0, indicating no improvement in the U.S. manufacturing and services industry since June. This report suggests the U.S. economy is flatlining.

New home sales continued rebounding by increasing +13.8% in June.

After trading sideways most of the day, stocks closed lower. Treasury yields closed flat for the day and lower for the week.