Marketopened today’s session with treasuries rallying across all maturities. The 10-Yeartreasury yield is at 2.3760, 2.42 bps decreased from prior closing of 2.4002.
As markets are set to close early ahead of the long holiday weekend, US stock index futures rose on strong retail sales data. Equities initially pointed to a weak open on disappointing economic data out of Europe, especially with manufacturing activity in France hitting a four-year low, but reversed as the session carried on. As corporate earnings season continues, more than 78.00% of the S&P 500 companies that have reported topped expectations so far. However, despite of solid corporate earnings and economic data, and optimistic signals from the trade talks had not been enough to stimulate risk appetite so far this week. Elsewhere, WTI crude continued to trade above $63 a barrel this morning. Attorney General William Barr will publish a redacted version of Special Counsel Mueller’s final report which is expected to be delivered to Congress before 9:00 AM (PT).
The headline Retail Sales in March topped estimation of 1.00% at 1.60%, a 1.80% increase from -0.20% prior. The core reading also climbed to 1.20% from a revised prior of -0.20% vs. 0.70% consensus. Initial Jobless Claims renewed its 49-year low level again at 192k from a revised prior of 197k vs. 205k consensus. Continuing Claims also fell to 1653k from 1716k revised prior vs. 1722k consensus. Bloomberg Consumer Comfort continued today’s barrage of strong economic data as it printed 60.30 vs. 59.80 prior. Markit US Manufacturing PMI came in unchanged from prior of 52.40 and lastly, Leading Index came in line with consensus of 0.40%, a 0.30% increase from a revised prior of 0.10%. Later today, the US Treasury is scheduled to auction off 17 billion of 5-year TIPS at 8:30 AM (PT).
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As markets are set to close early ahead of the long holiday weekend, US stock index futures rose on strong retail sales data. Equities initially pointed to a weak open on disappointing economic data out of Europe, especially with manufacturing activity in France hitting a four-year low, but reversed as the session carried on. As corporate earnings season continues, more than 78.00% of the S&P 500 companies that have reported topped expectations so far. However, despite of solid corporate earnings and economic data, and optimistic signals from the trade talks had not been enough to stimulate risk appetite so far this week. Elsewhere, WTI crude continued to trade above $63 a barrel this morning. Attorney General William Barr will publish a redacted version of Special Counsel Mueller’s final report which is expected to be delivered to Congress before 9:00 AM (PT).
The headline Retail Sales in March topped estimation of 1.00% at 1.60%, a 1.80% increase from -0.20% prior. The core reading also climbed to 1.20% from a revised prior of -0.20% vs. 0.70% consensus. Initial Jobless Claims renewed its 49-year low level again at 192k from a revised prior of 197k vs. 205k consensus. Continuing Claims also fell to 1653k from 1716k revised prior vs. 1722k consensus. Bloomberg Consumer Comfort continued today’s barrage of strong economic data as it printed 60.30 vs. 59.80 prior. Markit US Manufacturing PMI came in unchanged from prior of 52.40 and lastly, Leading Index came in line with consensus of 0.40%, a 0.30% increase from a revised prior of 0.10%. Later today, the US Treasury is scheduled to auction off 17 billion of 5-year TIPS at 8:30 AM (PT).
The curve has bull-flattened with UST 10-Year yield down 2.42 bps.52.40