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Market Brief – Thursday 1/20/22

Stocks started the day higher and bolted higher in early trading as investors sought to reverse yesterday’s drop. Treasury yields fell in overnight trading and were holding their overnight decline in early trading.

Initial unemployment claims rose +286k last week. Total claims rose +180k to 2.128 million.

The Philly Fed Manufacturing expanded at a faster rate in January as the index rose from 15.4 to 23.2. Capex, new orders, and prices paid expanded at a faster rate while employment expanded at a slower pace.

Existing home sales fell -4.6% in December to 6.18 million units.

The Department of Energy reported crude oil inventories as Crude: +515k (-938k expected), Cushing: -1.314mm, Gasoline: +5.873mm (+2.634mm expected), and Distillates: -1.431mm (-850k expected).

Today’s early rally in stocks was sharply reversed as stocks closed lower on the day. Treasury yields after going nowhere most of the day, fell in late trading to close lower on the day.