Stocks slipped in overnight trading but buyers remain vigilant about buying every dip. Treasury sellers continue their overnight selling of bonds and shortly after open were able to take yields back to yesterday’s high as buyers continue to attempt to fend off the persistent wave of selling.
Redbook same-store weekly brick-and-mortar retail sales rose +0.5% last week and slowed to +5.5% from this time last year.
The “official” ISM Manufacturing PMI continued to expand in December with a 60.7 print. Prices paid shot higher and new orders also increase over November. Employment was flat as purchasing managers did not add to their payrolls despite an increase in manufacturing demand.
Stocks closed higher as investors shrugged off their fears from yesterday to buy the dip. Treasury yields rose most of the day, with selling starting mid yesterday and going the final hour of trading today before buyers were able to fight back.