Stocks advanced as bank and tech shares gained early in the session. The S&P 500 traded near its all-time high and the Nasdaq-100 also outperformed as Tesla surged. Yesterday, the Fed announced to leave the rates unchanged, and the Fed Chair Powell hinted that a rate cut might not be on the horizon as he referred recently low inflation pressures might just be “transitory”. His statement came after President Trump had asked the Fed to lower the rates ahead of the FOMC meeting. The next big clue on the outlook of the global economy will be tomorrow’s jobs report. Elsewhere, WTI crude slumped below $62 a barrel as a massive surge in US crude stockpiles diminished concerns over supply cuts around the world.
Initial Jobless Claims remained unchanged from prior reading of 230k and Continuing Claims slightly rose to 1671k from a downwardly revised prior of 1654k vs. 1660k consensus. Bloomberg Consumer Comfort slightly edged lower to 60.40 from 60.80 prior. Factory Orders in March, however, rose to 1.90% from an upwardly revised prior of -0.30% vs. 1.60% consensus. The core also rose to 0.80% from 0.30% prior. The headline Durable Goods Orders in March slightly lowered to 2.60% from 2.70% prior and the core also fell to 0.30% from 0.40% prior. Later today, the US Treasury is scheduled to auction off $50 billion of 4-week bills and $35 billion of 8-week bills at 8:30 AM (PT).
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Stocks advanced as bank and tech shares gained early in the session. The S&P 500 traded near its all-time high and the Nasdaq-100 also outperformed as Tesla surged. Yesterday, the Fed announced to leave the rates unchanged, and the Fed Chair Powell hinted that a rate cut might not be on the horizon as he referred recently low inflation pressures might just be “transitory”. His statement came after President Trump had asked the Fed to lower the rates ahead of the FOMC meeting. The next big clue on the outlook of the global economy will be tomorrow’s jobs report. Elsewhere, WTI crude slumped below $62 a barrel as a massive surge in US crude stockpiles diminished concerns over supply cuts around the world.
Initial Jobless Claims remained unchanged from prior reading of 230k and Continuing Claims slightly rose to 1671k from a downwardly revised prior of 1654k vs. 1660k consensus. Bloomberg Consumer Comfort slightly edged lower to 60.40 from 60.80 prior. Factory Orders in March, however, rose to 1.90% from an upwardly revised prior of -0.30% vs. 1.60% consensus. The core also rose to 0.80% from 0.30% prior. The headline Durable Goods Orders in March slightly lowered to 2.60% from 2.70% prior and the core also fell to 0.30% from 0.40% prior. Later today, the US Treasury is scheduled to auction off $50 billion of 4-week bills and $35 billion of 8-week bills at 8:30 AM (PT).
The curve has bear-steepened with UST 10-Year yield up 3.06 bps.