Yesterday's massive rally in stock market right after Christmas marked the biggest one-day rally in US equities since 2009 and the biggest post-Christmas rally ever. However, this short-lived positive momentum in stock market did not carry over into today's opening. Along with stocks, WTI crude also pared gains from previous day this morning. Haven assets climbed with Treasury10-Year yields falling back below 2.80% again. The US Treasury is scheduled to auction off $32 Billion of 7-Year notes at 10:00 AM (PT).
Initial Jobless Claims came in line with expectation at 216k, slightly lowered from an upwardly revised prior of 217k. Continuing Claims, which lag one week, came in marginally above expectation of 1675k at 1701k but were still shy of revised prior of 1705k. US House Price Index in October rose 0.30% as expected vs. 0.20% prior with west north central region increasing the most. While Bloomberg Weekly Consumer Comfort Index improved to 59.40 from 58.80 prior, Conference Board Consumer Confidence in December fell to 128.10 from 136.40 revised prior. New Home sales data due tomorrow will be delayed due to the partial government shutdown.
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Yesterday's massive rally in stock market right after Christmas marked the biggest one-day rally in US equities since 2009 and the biggest post-Christmas rally ever. However, this short-lived positive momentum in stock market did not carry over into today's opening. Along with stocks, WTI crude also pared gains from previous day this morning. Haven assets climbed with Treasury 10-Year yields falling back below 2.80% again. The US Treasury is scheduled to auction off $32 Billion of 7-Year notes at 10:00 AM (PT).
Initial Jobless Claims came in line with expectation at 216k, slightly lowered from an upwardly revised prior of 217k. Continuing Claims, which lag one week, came in marginally above expectation of 1675k at 1701k but were still shy of revised prior of 1705k. US House Price Index in October rose 0.30% as expected vs. 0.20% prior with west north central region increasing the most. While Bloomberg Weekly Consumer Comfort Index improved to 59.40 from 58.80 prior, Conference Board Consumer Confidence in December fell to 128.10 from 136.40 revised prior. New Home sales data due tomorrow will be delayed due to the partial government shutdown.
The curve has bull-flattened with UST 10-