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Market Brief – Tuesday 9/1/20

Stocks rose in overnight trading and investors continue to hit the bid in early trading. Treasury yields fell in overnight trading and after a brief rise after the markets opened, yields headed lower. Even the dollar, which was dumped in overnight trading, rose in early trading.

Redbook same-store weekly brick-and-mortar retail sales rose +5.8% last week and +4.6% from this week last year.

The Markit Manufacturing PMI rose to 55.1 in August showing a slight expansion over June. The more official ISM Manufacturing survey rose to 56.0 in August also showing a slight expansion over June. The ISM reported an increase in new orders and prices and a slight contracting in employment for August. Construction spending rose +0.1% in July and fell -0.1% from this time last year.

Stocks, bonds, and the U.S. dollar all closed higher today as investors bought nearly everything except oil company stocks ahead of the API crude oil inventory report.

The American Petroleum Institute reported crude oil inventories as Crude: -6.360mm, Cushing: -237k, Gasoline: -5.761mm, and Distillates: -1.424mm.