US stocks slumped after Apple warned that its revenue outlook would be worse than the previous expectation, adding to ongoing global growth concerns. Treasuries slid along with most European bonds earlier this morning but bounced back after ISM Manufacturing data dropped by the most since 2008. WTI crude gained on confidence OPEC will move forward with its production cuts. In Washington, President Trump and congressional leaders held a meeting yesterday but weren’t able to make tangible progress to end a partial shutdown of the federal government. Tomorrow, Fed Chair Powell is scheduled to be interviewed with predecessors Janet Yellen and Ben Bernanke and Atlanta Fed President Bostic will also join a panel discussion on long-run macroeconomic performance at the annual meeting of the American Economic Association.
In the economic calendar today, MBA Mortgage Applications Index fell 8.50% last week after dropping 1.40% in prior. Both purchases and refinances were down 7.60% and 10.60%, respectively. December ADP employment rose 271k, substantially above expectation of 180k. Initial Jobless Claims came in a bit higher than expectation of 220k at 231k which might be likely due to the ongoing partial government shutdown. Continuing Claims also printed a higher reading of 1740k vs. 1690k consensus and 1708k revised. Lastly, ISM Manufacturing came in at 54.10 vs. 57.50 consensus and 59.30 prior.
This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice
US stocks slumped after Apple warned that its revenue outlook would be worse than the previous expectation, adding to ongoing global growth concerns. Treasuries slid along with most European bonds earlier this morning but bounced back after ISM Manufacturing data dropped by the most since 2008. WTI crude gained on confidence OPEC will move forward with its production cuts. In Washington, President Trump and congressional leaders held a meeting yesterday but weren’t able to make tangible progress to end a partial shutdown of the federal government. Tomorrow, Fed Chair Powell is scheduled to be interviewed with predecessors Janet Yellen and Ben Bernanke and Atlanta Fed President Bostic will also join a panel discussion on long-run macroeconomic performance at the annual meeting of the American Economic Association.
In the economic calendar today, MBA Mortgage Applications Index fell 8.50% last week after dropping 1.40% in prior. Both purchases and refinances were down 7.60% and 10.60%, respectively. December ADP employment rose 271k, substantially above expectation of 180k. Initial Jobless Claims came in a bit higher than expectation of 220k at 231k which might be likely due to the ongoing partial government shutdown. Continuing Claims also printed a higher reading of 1740k vs. 1690k consensus and 1708k revised. Lastly, ISM Manufacturing came in at 54.10 vs. 57.50 consensus and 59.30 prior.
The curve has bull-flattened with UST 10-