Market Brief – Thursday 2/17/22

Stocks and Treasury yields fell in overnight trading as investors were spooked by rising tensions between Russia and Ukraine. Stocks and Treasury yields slid further in early trading.

Initial unemployment claims rose +248k last week. Total claims fell slightly to 2.063 million as a sign unemployed workers can find new jobs.

Building permits rose +0.7% and Housing Starts fell -4.1% in January.

The Philly Fed Manufacturing Index expanded at a slower rate to 16.0 in February from 23.2 last month. Employment rose, business conditions were unchanged, and CAPEX, new orders, and prices paid fell.

Stocks were crushed as liquidity continues to disappear from the markets. Treasury yields closed lower on the day but up from their intra-day lows.