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Market Brief – Tuesday 1/4/22

Stocks gapped higher to new all-time highs in overnight trading and Treasury yields were also slammed higher as traders aggressively short the bond market. Stocks fell in early trading and Treasury yields extended their overnight rally in early trading.

The “official” ISM Manufacturing PMI expanded at a slower rate in December by slowing from 61.1 last month to 58.7. Employment expanded at a slightly faster rate, new orders at a slightly slower rate, and prices paid slowed considerably.

The Job Openings and Labor Turnover Survey showed 10.562 million openings in November.

Stocks were flat on the day except for the tech-heave Nasdaq-100 which closed lower. Treasury yields closed higher on the day but buyers pushed yields back down from their intra-day highs.