Market Brief – Friday 7/23/21

Stocks rose in overnight trading and continued higher in early trading. Treasury yields reversed yesterday’s decline in overnight trading and were fighting to hold their overnight reversal.

The preliminary Markit Manufacturing PMI showed the manufacturing sector is expanding at a slightly faster rate in July while the Services PMI showed the services sector is expanding at a slower rate in July.

Stocks closed higher on the day as investors continue to bet stock prices are heading even higher. Treasury yields closed higher on the day but buyers managed to move yields down from their overnight lows.