Economic Update - Jobs and Manufacturing

$S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR S&P 500 ETF (SPY.US)$ Stocks are mostly lower today as traders continue to monitor corporate earnings. All 3 major averages reached their highest level in over a month on Wednesday, with the S&P 500 closing at its highest level since June 9th. Both the S&P 500 and DJIA have moved higher 3 out of the last 4 days.

For economic data today, initial jobless claims unexpectedly rose to 251,000 last week, the highest level since November 2021 and the 3rd straight weekly increase. Initial claims had been expected to fall to 240,000. Continuing claims rose to 1.38 million, the highest level since late April.

Elsewhere, the Philadelphia Fed Manufacturing Index fell to -12.3 in July, the 2nd straight month it contracted. The employment index fell to its lowest reading since May 2021. Lastly, the Leading Index, used to project economic conditions over the next 6 months, fell to -0.8% in June.

Treasury yields are lower, with the 2-year T yield down 6.4 basis points to 3.19%, the 5-year T yield down 8.4 basis points to 3.09%, and the 10-year T yield down 6.9 basis points to 2.97%. Advance rates are lower throughout much of the curve.