The S&P 500, Dow Jones, and Nasdaq indexes climbed after the release of strong corporate earnings from companies like IBM, United Technologies and Proctor & Gamble. Treasuries slid and the dollar also pared gain from its six-day rally. The political outlook for the UK got cloudier in Davos this morning as the UK Trade Secretary said that a no-deal Brexit was a “real possibility” at the World Economic Forum. On the trade front, the Trump administration commented that the negotiations between the US and China next week will be “determinative”. Meanwhile, the Senate will vote tomorrow on legislation to end the government shutdown although it is not clear whether any of the proposals will pass. Many corporates including Ford and Texas Instruments are set to post earnings results later today.
In the economic calendar today, MBA Mortgage Applications fell 2.70% last week after rising 13.50% in prior. Both purchases and refinances fell 2.20% and 5.30% after rising 9.10% and 18.70% in prior, respectively. FHFA House Price Index in November came in slightly higher than consensus of 0.30% at 0.40% vs. 0.40% revised prior. Lastly, Richmond Fed Manufacturing Index came in line with consensus of -2.00 vs. -8.00 prior.
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The S&P 500, Dow Jones, and Nasdaq indexes climbed after the release of strong corporate earnings from companies like IBM, United Technologies and Proctor & Gamble. Treasuries slid and the dollar also pared gain from its six-day rally. The political outlook for the UK got cloudier in Davos this morning as the UK Trade Secretary said that a no-deal Brexit was a “real possibility” at the World Economic Forum. On the trade front, the Trump administration commented that the negotiations between the US and China next week will be “determinative”. Meanwhile, the Senate will vote tomorrow on legislation to end the government shutdown although it is not clear whether any of the proposals will pass. Many corporates including Ford and Texas Instruments are set to post earnings results later today.
In the economic calendar today, MBA Mortgage Applications fell 2.70% last week after rising 13.50% in prior. Both purchases and refinances fell 2.20% and 5.30% after rising 9.10% and 18.70% in prior, respectively. FHFA House Price Index in November came in slightly higher than consensus of 0.30% at 0.40% vs. 0.40% revised prior. Lastly, Richmond Fed Manufacturing Index came in line with consensus of -2.00 vs. -8.00 prior.
The curve has bear-steepened with UST 10-