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Market Brief – Monday 5/2/22

Stocks started the day lower and Treasury yields much higher as investors continue to dump government bonds.

The Markit Manufacturing PMI expanded at a slightly slower rate in April.

The ISM Manufacturing PMI expanded at a slower rate, dropping from 57.1 to 55.4 in April. Prices paid and new orders expanded at a slower rate, while employment expanded at a much slower rate.

Construction spending rose +0.1% in March.

A late afternoon rally saved stocks as they closed in the green, while Treasury yields closed higher.