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Market Brief – Friday 4/23/21

Stocks were up in overnight trading and rallying in early trading as rumors are swirling the capital gains tax increase will be less than the Biden Administration is seeking. Treasury yields were flat in overnight trading but bond sellers wanted yesterday back as they drove yields back up in early trading.

The preliminary Markit Composite PMI estimates further expansion in the manufacturing and services sector for April.

New home sales rose +20.7% in March as 1.021 million homes were sold.

Yesterday’s fears were today’s opportunities as investors shrugged off their concerns to bid stocks up back near their all-time highs. Treasury yields closed slightly higher on the day as yields are signaling a major move lower in yields is coming.