Treasury Yields Lower after Economic Data Releases
Market opened today’s session with treasuries inching higheracross all maturities. 10-Yeartreasury yield is at 2.5126, 1.26 bps decreased from prior closing of 2.5252.
Stocks were mixed as investors digest another busy day of corporate earnings and data releases. Treasuries slightly inched higher ahead of the Fed’s policy decision tomorrow. Tech stocks were poised to retreat after Alphabet posted weaker-than-expected results yesterday after the bell and Samsung’s profit missed recently reduced estimates. On the other hand, GE and Mastercard rose in premarket trading from strong earnings, and McDonald’s, a Dow component, also reported quarterly earnings and revenue topping expectations. Apple, HSBC, Macquarie and Royal Dutch Shell are among the companies set to report earnings this week. Elsewhere, WTI crude rallied above $64 a barrel this morning after Saudi Arabia signaled OPEC and its allies could extend supply cuts to the end of the year.
Employment Cost Index in the first quarter remained unchanged from prior reading of 0.70% and consensus of 0.70%. S&P CoreLogic CS 20-City Home Composite Price Index rose 0.20% MoM from a downwardly revised prior of 0.09% vs. 0.20% consensus, and rose 3.00% YoY from a downwardly revised prior of 3.51% vs. 2.95% consensus which was the slowest pace since August 2012. MNI Chicago PMI in April surprisingly dropped to 52.60 from 58.70 prior vs. 58.50 consensus. Pending Home Sales in March topped estimation of 1.50% at 3.80%. Lastly, Conference Board Consumer Confidence in April rose to 129.20 from an upwardly revised prior of 124.20 vs. 126.80 consensus. Tomorrow, the FOMC rate decision will be released at 11:00 AM (PT).
This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice
Stocks were mixed as investors digest another busy day of corporate earnings and data releases. Treasuries slightly inched higher ahead of the Fed’s policy decision tomorrow. Tech stocks were poised to retreat after Alphabet posted weaker-than-expected results yesterday after the bell and Samsung’s profit missed recently reduced estimates. On the other hand, GE and Mastercard rose in premarket trading from strong earnings, and McDonald’s, a Dow component, also reported quarterly earnings and revenue topping expectations. Apple, HSBC, Macquarie and Royal Dutch Shell are among the companies set to report earnings this week. Elsewhere, WTI crude rallied above $64 a barrel this morning after Saudi Arabia signaled OPEC and its allies could extend supply cuts to the end of the year.
Employment Cost Index in the first quarter remained unchanged from prior reading of 0.70% and consensus of 0.70%. S&P CoreLogic CS 20-City Home Composite Price Index rose 0.20% MoM from a downwardly revised prior of 0.09% vs. 0.20% consensus, and rose 3.00% YoY from a downwardly revised prior of 3.51% vs. 2.95% consensus which was the slowest pace since August 2012. MNI Chicago PMI in April surprisingly dropped to 52.60 from 58.70 prior vs. 58.50 consensus. Pending Home Sales in March topped estimation of 1.50% at 3.80%. Lastly, Conference Board Consumer Confidence in April rose to 129.20 from an upwardly revised prior of 124.20 vs. 126.80 consensus. Tomorrow, the FOMC rate decision will be released at 11:00 AM (PT).
The curve has bull-steepened with UST 10-Year yield down 1.26 bps.