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Market Brief – Thursday 7/15/21

Stocks and Treasury yields fell in overnight trading and while stocks were mostly flat in early trading, sellers were trying to push yields back up.

Initial claims fell to +360k last week and total unemployment claims, including all forms of Pandemic Unemployment Assistance, fell -372k to 13.836 million.

Export prices rose +1.2% in June and +16.8% from this time last year, and import prices rose +1.0% in June and +11.2% from this time last year.

The NY Empire State Manufacturing Index surged higher to 43.0 in July from 17.4 last month.

The Philly Fed Manufacturing Index slowed to 21.9 in July from 30.7 last month. Business conditions, new orders, and prices paid slowed, while CAPEX spending and employment were flat.

Industrial production rose +0.4% in June and slowed to +9.80% from this time last year. Manufacturing production was down -0.1% in June. Capacity utilization rose slightly to 75.4% in June.

Stocks closed lower as buyers were unable to take advantage of the overnight dip. Treasury yields closed near their session lows with 30-year Treasury yields closing near 1.925%.