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Market Brief – Thursday 12/2/21

Stocks were flat in overnight trading but shot out of the gate to the upside after the opening bell. Treasury yields fell in overnight trading but were immediately bid higher during the open. Stocks and yields rose in early trading.

Initial unemployment claims rose +28k to +222 last week, well within historical norms for a healthy labor market. Total claims, including all forms of Pandemic Unemployment Assistance, rose +21k to 2.306 million.

Challenger job cuts for November fell to 14.875k.

All car sales rose to 2.58 million units and all truck sales fell to 10.28 million units.

Stocks closed higher and Treasury yields slightly lower on the day.