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Market Brief – Thursday 6/16/22

Stocks started the day lower and Treasury yields started the day higher after the Swiss National Bank raised rates by 50 bps unexpectedly and put investors on notice it may need to start selling its large holding of stocks.

Initial unemployment claims fell -3k to 232k last week. Total claims fell -1.4k to 1.282 million.

Building permits fell -7.0% to 1.695 million permits and housing starts fell -14.4% to 1.549 million units.

The Philly Fed Manufacturing Index contracted in June by falling to -3.3 from 2.6 last month. Business conditions and new orders slumped, while CAPEX and employment rose.

Stocks closed sharply lower and Treasury yields, surprising many, also closed lower on the day after a strong rally in bonds.