Market Brief – Tuesday 7/2/22

Stocks started the day sharply lower and Treasury yields higher as fears of a global recession return. Stocks were rebounding in early trading as investors bought the dip and Treasury yields were giving back some of their overnight gains in early trading.

All car sales rose to 2.72 million units and all truck sales rose to 10.28 million in June.

Durable goods new orders excluding defense rose +0.7%, factory orders rose +1.6%, and factory orders excluding transportation rose +1.7% in May.

Stocks closed higher and Treasury yields closed lower on the day.