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Market Brief – Tuesday 8/9/22

Stocks were down slightly in overnight trading while Treasury yields started the day higher.

The NFIB Small Business Optimism Index rose slightly to 89.9 in July where it remains near its pandemic lows.

Preliminary Nonfarm Labor Productivity fell -4.6% in the second quarter, an improvement over the first quarter’s -7.4% decline. Preliminary Unit Labor Costs slowed to +10.8% in the second quarter, down slightly from +12.7% in the first quarter.

Today’s $42 billion 3-year Treasury Note auction was met with strong demand as foreign bidders took 63.1% of the auction and domestic bidders took 17.3% of the auction, leaving securities dealers with 19.6% of the auction.

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