Stocks fell in overnight trading and continued lower in early trading. Treasury yields, on the other hand, rose in overnight trading but quickly headed lower in early trading.
Challenger announced job cuts were 115.8k in August and down to +116.5% from this time last year as large corporations continue to announce layoffs.
Initial jobless claims beat expectations with a +881k print and continuing jobless claims also beat expectations by falling to 13.254 million.
Exports rose +6.2% in August and imports rose +10.9 in August, but both are well below their pre-pandemic levels.
The Markit Composite PMI showed a slight expansion over last month by coming in at 54.6. The ISM Non-Manufacturing PMI showed an expansion over last month by coming in at 56.9. The ISM reported an increase in business activity, prices paid and new orders, and a decrease in employment for the services sector.
Stocks closed lower on the day as buyers stayed out until the last 30 minutes of trading. Treasury yields also closed lower on the day but sellers fought aggressively in the last 30 minutes of trading to push yields up from their intra-day lows.