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Market Brief – Thursday 9/24/21

Stocks roared out of the gate as it was risk-on in overnight trading which spilled over into early trading. Treasury yields were slammed back to their highs of the last three days where buyers have been holding.

Initial claims rose to +351k and total claims, including all forms of Pandemic Unemployment Assistance, fell -856k to 11.250 million.

The Chicago Fed National Activity Index slowed to 0.29 showing the national economy expanded at an above-trend rate in August.

The preliminary Markit Composite PMI expanded at a slightly slower rate to 54.5 with the preliminary Manufacturing PMI expanding at a slightly slower rate at 60.5 and the preliminary Services PMI expanding at a slightly slower rate at 54.4.

The U.S. Leading Index rose +0.9% in August indicating the economy expanding at a slightly faster pace than the prior month.

Stocks and Treasury yields closed higher on the day.