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Market Brief – Thursday 5/19/22

Stocks and Treasury yields started the day lower as slowing growth and inflation expectations begin to weigh on investors. Stocks were volatile in early trading while Treasury yields gave back a litte of their overnight decline.

Initial unemployment claims rose +21k to 218k last week. Total claims fell a whopping -68k to 1.371 million as unemployed workers show no trouble in reentering the workforce.

The Philly Fed Manufacturing Index slumped from 17.6 last month to 2.6 in April. Business conditions, CAPEX spending, employment, and prices paid all fell while new orders rose.

Existing home sales fell -2.4% in April to 5.61 million units.

Stocks closed lower on the day after a volatile day of trading. Treasury yields closed slightly lower as sellers reversed most of the overnight decline in yields.