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Market Brief – Friday 7/1/22

Stocks started the day slightly lower and Treasury yields lower as recession fears are weighing on investors.

The Markit Manufacturing PMI expanded at a slightly faster pace in June to 52.7 from 52.4 last month.

The ISM Manufacturing PMI expanded at a slower pace in June to 53.0 from 56.1 last month. New orders and employment contracted, while prices paid expanded at a slightly slower rate from May.

Construction spending fell -0.1% in May.

Stocks rallied on hopes the Fed will capitulate at its next meeting and Treasury yields fell to close out the first trading day of July.