Early Update _Rising Yields & Dollar Exerting Some Pressure on Stocks

11:44 a.m. ET First, economic data since the last update has come in inflationary. S&P Global’s US Manufacturing PMI surged to its highest in 22 months (52.5 vs 51.8 consensus) while Services PMI disappointed, sliding for the second month in a row to 51.7 (vs 52.0 consensus). We’ve mostly seen Manufacturing weak (contractionary) and Services…