Market Brief – Monday 8/1/22

Stocks and Treasury yields started the day slightly lower after factory survey’s from Asia to Europe are showing a slowing global economy.

The S&P Manufacturing PMI slowed in July to 52.2 from 52.7 last month.

The ISM Manufacturing PMI slowed slightly to 52.8 from 53.0 last month. Employment was flat, new orders contracted slightly, and prices paid slowed significantly.

Construction spending fell -1.1% in June.

Stocks closed slightly lower and Treasury yields closed much lower as the bond market is pricing in a major policy mistake by the Fed.