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Market Brief – Tuesday 5/3/22

Stocks started the day slightly higher and Treasury yields lower after the Reserve Bank of Australia raised rates. Stocks were mixed in early trading while Treasury yields were holding their overnight decline.

The Job Openings and Labor Turnover Survey (JOLTS) rose from 11.344 million last month to 11.549 million in March as employers continue to increase staffing.

Durable goods new orders excluding defense rose +1.4%, factory orders rose +2.2%, and factory orders excluding transportation rose +2.5% in March.

Stocks closed higher ahead of tomorrow’s FOMC press conference where the Fed is expected to further raise rates and Treasury yields closed lower on the day, giving back some of their overnight decline.