Market Brief – Friday 1/7/22

Stocks were flat in overnight trading and Treasury yields were slightly higher. Stocks turned lower in early trading and Treasury yields continued higher despite a week payroll report.

Nonfarm Payrolls for December missed expectations with +199k jobs created. Average hourly earnings rose +0.6% in December and +4.7% from this time last year. The average weekly hours worked was unchanged at 34.7. The unemployment rate fell to 3.9% and the labor force participation rate was unchanged at 61.9%.

Stocks closed lower and Treasury yields higher on the day.