US stock index futures sharply advanced this morning as investors were reassured by the latest batch of corporate earnings. Boeing comfortably beat their quarterly expectations and also posted annual revenue of more than $100 billion for the first time. Apple also extended gain after reporting a quarterly profit above expectations. Facebook and Microsoft are scheduled to post their results after the close today. Apart from the corporate earnings, the FOMC will announce their rate decision today at 11:00 AM (PT) which will be followed by a press conference with Fed Chair Powell. While the market is already expecting no change to the rate, tone of the statement and the conference will be closely parsed for timing of the next rate hike and the year’s outlook. In Washington, representatives from the US and China will meet today to resolve the ongoing trade dispute. Treasuries edged lower and WTI crude gained.
MBA Mortgage Applications fell 3.00% last week from 2.70% decline in prior. Purchases and refinances were down 2.30% and 5.50% after falling 2.20% and 5.30% in prior, respectively. ADP employment in January rose 213K vs. 181k consensus and a downwardly revised prior of 263k, signaling that the labor market still remains robust despite headwinds from the government shutdown. Pending Home Sales in December declined 2.20% vs. a 0.50% increase consensus and -0.90% revised prior. We will have Nonfarm Payrolls and Unemployment Rate on Friday.
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US stock index futures sharply advanced this morning as investors were reassured by the latest batch of corporate earnings. Boeing comfortably beat their quarterly expectations and also posted annual revenue of more than $100 billion for the first time. Apple also extended gain after reporting a quarterly profit above expectations. Facebook and Microsoft are scheduled to post their results after the close today. Apart from the corporate earnings, the FOMC will announce their rate decision today at 11:00 AM (PT) which will be followed by a press conference with Fed Chair Powell. While the market is already expecting no change to the rate, tone of the statement and the conference will be closely parsed for timing of the next rate hike and the year’s outlook. In Washington, representatives from the US and China will meet today to resolve the ongoing trade dispute. Treasuries edged lower and WTI crude gained.
MBA Mortgage Applications fell 3.00% last week from 2.70% decline in prior. Purchases and refinances were down 2.30% and 5.50% after falling 2.20% and 5.30% in prior, respectively. ADP employment in January rose 213K vs. 181k consensus and a downwardly revised prior of 263k, signaling that the labor market still remains robust despite headwinds from the government shutdown. Pending Home Sales in December declined 2.20% vs. a 0.50% increase consensus and -0.90% revised prior. We will have Nonfarm Payrolls and Unemployment Rate on Friday.
The curve has bear-steepened with UST 10-