The big headline to start the week is the 35% collapse in West Texas Intermediate (WTI) oil prices. The May WTI contract, which expires tomorrow, has fallen below $12 per barrel as contracts are rolled to June to avoid taking delivery of unwanted supply. The June contract is trading more than $10 higher at $22 per barrel, which has been boosted by inflows from ETF investors. In the end, the significant supply glut continues to weight on oil prices, and the pending OPEC+ 10% supply cut pales in comparison to the unprecedented evaporation of demand amid the global economic shutdown. Treasury yields are down 1-2 bps across the curve, and S&P 500 futures are down 2% ahead of the open. President Trump said an increase of the SBA PPP would be announced as soon as today, as Congressional leaders continue to debate the details of another round of emergency funding.
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
4/20/2020 | Chicago Fed Nat Activity Index | -3 | -4.19 | 0.16 | 0.06 |
4/21/2020 | Existing Home Sales | 5.25m | — | 5.77m | — |
4/21/2020 | Existing Home Sales MoM | -9.00% | — | 6.50% | — |
4/22/2020 | MBA Mortgage Applications | — | — | 7.30% | — |
4/22/2020 | FHFA House Price Index MoM | 0.30% | — | 0.30% | — |
4/23/2020 | Initial Jobless Claims | 4450k | — | 5245k | — |
4/23/2020 | Continuing Claims | 16476k | — | 11976k | — |
4/23/2020 | Bloomberg Economic Expectations | — | — | 46.5 | — |
4/23/2020 | Bloomberg Consumer Comfort | — | — | 44.5 | — |
4/23/2020 | Markit US Manufacturing PMI | 35 | — | 48.5 | — |
4/23/2020 | Markit US Services PMI | 30 | — | 39.8 | — |
4/23/2020 | Markit US Composite PMI | — | — | 40.9 | — |
4/23/2020 | New Home Sales | 640k | — | 765k | — |
4/23/2020 | New Home Sales MoM | -16.30% | — | -4.40% | — |
4/23/2020 | Kansas City Fed Manf. Activity | -37 | — | -17 | — |
4/24/2020 | Durable Goods Orders | -12.00% | — | 1.20% | — |
4/24/2020 | Durables Ex Transportation | -6.00% | — | -0.60% | — |
4/24/2020 | Cap Goods Orders Nondef Ex Air | -6.40% | — | -0.90% | — |
4/24/2020 | Cap Goods Ship Nondef Ex Air | -7.00% | — | -0.80% | — |
4/24/2020 | U. of Mich. Sentiment | 67.4 | — | 71 | — |
4/24/2020 | U. of Mich. Current Conditions | — | — | 72.4 | — |
4/24/2020 | U. of Mich. Expectations | — | — | 70 | — |
4/24/2020 | U. of Mich. 1 Yr Inflation | — | — | 2.10% | — |
4/24/2020 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |
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