Stock Market Update
02-Aug-24 10:35 ET
Treasury yields down after jobs report, little changed by Factory orders
Dow -757.56
at 39590.21,
Nasdaq -553.56
at 16640.59,
S&P -133.65
at 5313.03
[BRIEFING.COM] The major indices are near early session lows, which has the S&P 500 (-2.2%) and Nasdaq Composite (-2.9%) down more than 2.0%.
Factory orders declined 3.3% month-over-month in June following a 0.5% decline in May. Excluding transportation, factory orders edged 0.1% higher on the heels of a 0.7% decline in May. Shipments of manufactured goods jumped 0.5% in June after declining 0.7% in May.
The key takeaway from the report is that the weakness in factory orders was not as pronounced as the headline suggests, as the weakness was driven by transportation equipment orders, which are notoriously volatile.
Treasury yields are little changed by the 10:00 ET data release, but buying picked up markedly in response to the jobs report earlier. The 10-yr note yield is 15 basis points to 3.83%.
