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Market Brief – Friday 1/14/22

Stocks fell in overnight trading but regained some of their losses in early trading. Treasury yields rose in overnight trading and sellers aggressively drove yields higher in early trading.

Export prices fell -1.8% and import prices fell -0.2% in December.

Retail sales fell -1.9% in December and slowed to +16.95% from this time last year. The Retail Control group fell -3.1%. Excluding gas and autos, retail sales fell -2.5%.

Industrial Production fell -0.1% in December and slowed to +3.67% from this time last year. Manufacturing production fell -0.3% in December. The Capacity Utilization Rate fell slightly to 76.5%.

The preliminary University of Michigan’s Consumer Confidence Survey showed a decline in current sentiment, current conditions, and future expectations as consumers are now less confident than they were at the pandemic lows.

Stocks closed slightly higher and Treasury yields much higher as relentless selling drove yields higher.