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Market Brief – Thursday 6/23/22

Stocks jumped in overnight trading to reverse most of yesterday’s late-day selloff. Treasury yields were slightly lower in overnight trading.

Initial unemployment claims fell -2k to 229k last week while total claims rose +14.5k to 1.296 million.

The Markit preliminary Manufacturing PMI missed expectations with a 52.4 in June, down from 57.0 last month. The Markit preliminary Services PMI also missed expectations with a 51.6 in June, down from 53.4 last month.

Stocks rallied to close higher on the day and Treasury yields gave back some of their intraday declines to close lower on the day.