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Market Brief – Friday 5/6/22

Stocks fell and Treasury yields rose in overnight trading. Stocks dropped after the opening bell and staged a rebound in early trading. Treasury yields continue to rise as sellers keep dumping bonds.

Nonfarm Payrolls rose +428k in April, beating expectations. Average hourly earnings rose +0.3% in April and slowed to +5.5% from this time last year. Average weekly hours worked was unchanged at 34.6 hours. The Unemployment Rate was unchanged and the Participation Rate dipped slightly to 62.2%.

Stocks closed sharply lower and Treasury yields sharply higher.