The Dow Jones, Nasdaq Composite, and S&P 500 all slipped this morning trading 0.20%, 0.30%, and 0.30% lower, respectively. The US and China have seemed to reach a stalemate before the first part of the trade deal could even be signed. The US seems to be delaying as Trump is not sure if he wants to remove existing tariffs, something that was previously negotiated between the US and China trade negotiators. These tariffs are scheduled to take effect December 15th and China has made it clear that they do not see their country moving forward with trade negotiations if the agreement to remove tariffs cannot be honored. The US Treasury will auction $55 billion in four-week bills, and $40 billion in eight-week bills. The yield on 10-YearTreasuries fell six basis points to 1.87%. Britain’s 10-YearTreasury declined five basis points to 0.75%. Germany’s 10-Year yield sank five basis points to -0.299%. Japan’s 10-Year yield slipped two basis points to -0.042%. West Texas Intermediate crude oil declined 0.70% to $56.42 a barrel. Meanwhile, gold climbed 0.40% to $1.462.20 an ounce.
The Mortgage Applications Index rose 9.60% for the week of November 8th, after declining 0.10% the previous week; making this the largest increase in mortgage applications since the week of August 9th. Applications to purchase a home and to refinance increased 5.10% and 12.90%, respectively. Federal Reserve Chairman, Jerome Powell, spoke to the Joint Economic Committee this morning and reiterated that the central bank will likely not be cutting rates again, as long as the US economy stays on its “current path”. The Federal Reserve has cut interest rates three times this year and states that other challenges such as trade tensions and low inflation will be taken into consideration if another rate cut is needed, but doesn’t think it will be necessary. The Trump impeachment hearing started this morning at 7:00 AM PT and the House of Representatives are scheduled to hear testimony from two key figures. The House will use these testimonies to determine if Trump abused his power by withholding foreign aid to the Ukraine in return for “favors” and assistance in the upcoming US election.
The curve has bull-flattened with the UST10-Year yield down 5.91 bps from prior closing.
This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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.
The Dow Jones, Nasdaq Composite, and S&P 500 all slipped this morning trading 0.20%, 0.30%, and 0.30% lower, respectively. The US and China have seemed to reach a stalemate before the first part of the trade deal could even be signed. The US seems to be delaying as Trump is not sure if he wants to remove existing tariffs, something that was previously negotiated between the US and China trade negotiators. These tariffs are scheduled to take effect December 15th and China has made it clear that they do not see their country moving forward with trade negotiations if the agreement to remove tariffs cannot be honored. The US Treasury will auction $55 billion in four-week bills, and $40 billion in eight-week bills. The yield on 10-Year Treasuries fell six basis points to 1.87%. Britain’s 10-Year Treasury declined five basis points to 0.75%. Germany’s 10-Year yield sank five basis points to -0.299%. Japan’s 10-Year yield slipped two basis points to -0.042%. West Texas Intermediate crude oil declined 0.70% to $56.42 a barrel. Meanwhile, gold climbed 0.40% to $1.462.20 an ounce.
The Mortgage Applications Index rose 9.60% for the week of November 8th, after declining 0.10% the previous week; making this the largest increase in mortgage applications since the week of August 9th. Applications to purchase a home and to refinance increased 5.10% and 12.90%, respectively. Federal Reserve Chairman, Jerome Powell, spoke to the Joint Economic Committee this morning and reiterated that the central bank will likely not be cutting rates again, as long as the US economy stays on its “current path”. The Federal Reserve has cut interest rates three times this year and states that other challenges such as trade tensions and low inflation will be taken into consideration if another rate cut is needed, but doesn’t think it will be necessary. The Trump impeachment hearing started this morning at 7:00 AM PT and the House of Representatives are scheduled to hear testimony from two key figures. The House will use these testimonies to determine if Trump abused his power by withholding foreign aid to the Ukraine in return for “favors” and assistance in the upcoming US election.
The curve has bull-flattened with the UST 10-Year yield down 5.91 bps from prior closing.