Stocks rose in overnight trading as some of the major indices flirt with their all-time highs. Treasury yields were quiet in overnight trading until pre-market open, where sellers resumed their exodus. After their opening ramp, stocks were starting to fade while Treasury yields were starting to move lower.
Initial claims fell slightly as +787k Americans filed for unemployment benefits last week. Total unemployment benefits, including all forms of pandemic unemployment insurance, fell -419k to 19.177 million.
Exports rose +1.2% and imports rose +2.9% in December.
The ISM Non-Manufacturing or Services PMI rose to 57.2 showing a continued expansion in the services sector. Leading the report were business activity, prices paid, and new orders. Employment remained flat.
Stocks held onto their overnight ramp while Treasury yields fought back against the heavy selling attributed to quantitative CTA trend-following computer models.