Market Brief – Thursday 5/5/22

Stocks started the day lower and Treasury yields were slammed much higher in pre-market trading. Stocks headed lower and Treasury yields higher in early trading.

Initial unemployment claims rose +19k to +200k last week. Total claims fell -35k to 1.478 million as unemployed workers show no problems getting new jobs.

Nonfarm Productivity fell -7.5% and Unit Labor Costs rose +11.6% last quarter.

Stocks were crushed as they closed down sharply today. Treasury yields closed higher but were down from their intra-day highs.