Stocks rose to a new record after Apple’s quarterly results topped analyst estimates and Advanced Micro Devices reported guidance indicating momentum, which buoyed investor sentiment. CVS Health also surged on better-than-expected results. Overall, this corporate earnings season turned out to be better than expected as about 75.00% of the companies that have reported results have beaten estimates so far. HSBC, Macquarie, and Royal Dutch Shell are among the companies that are set to post their quarterly earnings this week. Today, all eyes will turn to the Fed’s rate decision at 11:00 AM (PT) and the Fed Chair Powell’s press conference right after. It is widely expected that the rate will remain unchanged but the statement and the press conference will be closely parsed, especially usage of the phrase “being patient”, for better indication on the outlook of the rest of 2019. Elsewhere, WTI crude slightly edged below $64 a barrel this morning.
MBA Mortgage Applications Index fell 4.30% after falling 7.30% in prior week. Both purchases and refinances declined 3.70% and 5.00% after falling 4.10% and 11.00% in prior week, respectively. ADP Employment Change in April printed a strong reading of 275k vs. revised prior of 151k and 180k consensus which bolstered the bullish sentiment early in the morning. Markit US Manufacturing PMI slightly edged higher to 52.60 from both 52.40 prior and consensus. However, ISM Manufacturing fell to 52.80 in April from 55.30 prior vs. 55.00 consensus, and Construction Spending also fell to -0.90% from a downwardly revised prior of 0.70% in March.
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Stocks rose to a new record after Apple’s quarterly results topped analyst estimates and Advanced Micro Devices reported guidance indicating momentum, which buoyed investor sentiment. CVS Health also surged on better-than-expected results. Overall, this corporate earnings season turned out to be better than expected as about 75.00% of the companies that have reported results have beaten estimates so far. HSBC, Macquarie, and Royal Dutch Shell are among the companies that are set to post their quarterly earnings this week. Today, all eyes will turn to the Fed’s rate decision at 11:00 AM (PT) and the Fed Chair Powell’s press conference right after. It is widely expected that the rate will remain unchanged but the statement and the press conference will be closely parsed, especially usage of the phrase “being patient”, for better indication on the outlook of the rest of 2019. Elsewhere, WTI crude slightly edged below $64 a barrel this morning.
MBA Mortgage Applications Index fell 4.30% after falling 7.30% in prior week. Both purchases and refinances declined 3.70% and 5.00% after falling 4.10% and 11.00% in prior week, respectively. ADP Employment Change in April printed a strong reading of 275k vs. revised prior of 151k and 180k consensus which bolstered the bullish sentiment early in the morning. Markit US Manufacturing PMI slightly edged higher to 52.60 from both 52.40 prior and consensus. However, ISM Manufacturing fell to 52.80 in April from 55.30 prior vs. 55.00 consensus, and Construction Spending also fell to -0.90% from a downwardly revised prior of 0.70% in March.
The curve has bull-flattened with UST 10-Year yield down 2.70 bps.