Stocks slightly edged higher this morning as data-packed week kicked off. The FOMC rate decision will be released on Wednesday and Nonfarm Payroll data will be available on Friday which will provide investors better clarity and clues on global economic growth. Treasuries sank as the dollar strengthened. On the trade front, the next round of negotiations resumes in Beijing this week with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin set to meet Chinese Vice Premier Liu He tomorrow. It was reported that a few significant issues still remain unresolved and there’s still a chance that President Trump could walk away from the table. As corporate earnings season continues, Apple, Alphabet, GE, Pfizer, HSBC, BP and McDonald’s are set to post their quarterly results this week. Elsewhere, WTI crude slightly declined as doubts grew about the impact of supply squeeze.
Personal Income in March declined to 0.10% from 0.20% prior vs. 0.40% consensus. Personal Spending, however, increased to 0.90% from revised prior of 0.10% vs. 0.70% consensus. Lastly, Dallas Fed Manufacturing Activity dropped to 2.00 from a downwardly revised prior of 6.90 vs. 10.00 consensus. Treasuries started rebounding on the data after a sharp decline from earlier this morning. Later today, the US Treasury is scheduled to auction off $39 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).
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Stocks slightly edged higher this morning as data-packed week kicked off. The FOMC rate decision will be released on Wednesday and Nonfarm Payroll data will be available on Friday which will provide investors better clarity and clues on global economic growth. Treasuries sank as the dollar strengthened. On the trade front, the next round of negotiations resumes in Beijing this week with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin set to meet Chinese Vice Premier Liu He tomorrow. It was reported that a few significant issues still remain unresolved and there’s still a chance that President Trump could walk away from the table. As corporate earnings season continues, Apple, Alphabet, GE, Pfizer, HSBC, BP and McDonald’s are set to post their quarterly results this week. Elsewhere, WTI crude slightly declined as doubts grew about the impact of supply squeeze.
Personal Income in March declined to 0.10% from 0.20% prior vs. 0.40% consensus. Personal Spending, however, increased to 0.90% from revised prior of 0.10% vs. 0.70% consensus. Lastly, Dallas Fed Manufacturing Activity dropped to 2.00 from a downwardly revised prior of 6.90 vs. 10.00 consensus. Treasuries started rebounding on the data after a sharp decline from earlier this morning. Later today, the US Treasury is scheduled to auction off $39 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).
The curve has bear-steepened with UST 10-Year yield up 2.52 bps.