US stocks fell slightly after the three day weekend as investors looked for more signs of progress in the trade talks. The talks between the US and China continue this week in Washington with Chinese Vice Preimer Liu He scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin from Thursday to Friday. Notable earnings report came from Walmart which announced the best earnings and revenue for the holiday quarter in a decade as its e-commerce sales surged 43%. Its shares rose in premarket on the news. In Washington, President Trump signed a spending bill which averted a second government shutdown on Friday; however, he declared a national emergency as well to allocate federal funding toward the border wall. As a result, California, joined by 15 other states, is suing to block President Trump from diverting federal funds, claiming that the declaration exceeded the power of his office. Treasuries and the dollar edged higher this morning with WTI crude advancing.
It’s a quiet day in economic calendar with just one data being released. NAHB Housing Market Index rose to 62.00 vs. 58.00 prior and 59.00 consensus. Both present single family sales and future single family sales rose to 67.00 and 68.00 vs. 64.00 and 63.00 prior, respectively. Prospective buyers traffic also rose to 48.00 vs. 44.00 prior. The minutes from January FOMC meeting will be released at 11:00 AM (PT) tomorrow.
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New Developments from the Trade Talks
US stocks fell slightly after the three day weekend as investors looked for more signs of progress in the trade talks. The talks between the US and China continue this week in Washington with Chinese Vice Preimer Liu He scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin from Thursday to Friday. Notable earnings report came from Walmart which announced the best earnings and revenue for the holiday quarter in a decade as its e-commerce sales surged 43%. Its shares rose in premarket on the news. In Washington, President Trump signed a spending bill which averted a second government shutdown on Friday; however, he declared a national emergency as well to allocate federal funding toward the border wall. As a result, California, joined by 15 other states, is suing to block President Trump from diverting federal funds, claiming that the declaration exceeded the power of his office. Treasuries and the dollar edged higher this morning with WTI crude advancing.
It’s a quiet day in economic calendar with just one data being released. NAHB Housing Market Index rose to 62.00 vs. 58.00 prior and 59.00 consensus. Both present single family sales and future single family sales rose to 67.00 and 68.00 vs. 64.00 and 63.00 prior, respectively. Prospective buyers traffic also rose to 48.00 vs. 44.00 prior. The minutes from January FOMC meeting will be released at 11:00 AM (PT) tomorrow.
The curve has bull-flattened with UST 10-Year yield down 1.61 bps.