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Market Brief – Wednesday 12/1/21

Stocks and Treasury yields started the day higher as investors attempted to undo yesterday’s big decline in overnight trading.

Mortgage applications fell -7.2% as purchase rose +5.1% and refinance applications fell -14.8%.

ADP Nonfarm Employment Change rose +534k in November.

The Markit Manufacturing PMI expanded at a slower rate to 58.3 in November.

Construction Spending rose +0.2% in October.

The “official” ISM Manufacturing PMI expanded at a faster rate in November to 61.1. Employment and new orders rose at a faster rate, while prices paid rose at a slower rate.

The Department of Energy reported crude oil inventories as Crude -910k (-1.237mm expected), Cushing: +1.159mm, Gasoline: +4.029mm (+29k expected), and Distillates: +2.160mm (+462k expected).

Stocks and Treasury yields closed lower on the day.