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Market Brief – Friday 8/12/22

Stocks started the day higher, and Treasury yields lower. Stocks were back in rally mode in early trading while Treasury yields were struggling to hold their overnight decline.

Export prices fell -3.3% and import prices fell -1.4% in July.

The preliminary University of Michigan Consumer Confidence Survey shows that sentiment rose to 55.1 in August from 51.5 last month. Current conditions fell to 55.5 from 58.1 but future expectations rose 54.9 from 47.3 as hope rises. Inflation expectations fell to 5.0% and 5-year inflation expectations rose slightly to 3.00%.

Stocks rallied hard to close sharply higher. Treasury yields after a hard-fought day closed lower.