April 21, 2020 Headlines

West Texas Intermediate (WTI) oil prices extended the collapse overnight with the June futures contract down to $15 a barrel. Demand has all but evaporated due to the global economic shutdown and oil inventories continued to build on oversupply. The May WTI contract, which expires today, traded as low as -$37 as futures contracts were rolled to avoid taking delivery of unwanted supply. The 10-year US Treasury yield is 5bps lower as the curve bull flattened overnight and S&P500 futures are down 1.8% ahead of the open. Congressional leaders are debating additional legislation to replenish the Paycheck Protection Program for small businesses. The program was initially part of the $2 trillion stimulus program approved last month but has already run out of funds.

Chris Eckhoff
Associate, Investment Management Group

4/20/2020Chicago Fed Nat Activity Index-3-
4/21/2020Existing Home Sales5.25m5.77m
4/21/2020Existing Home Sales MoM-9.00%6.50%
4/22/2020MBA Mortgage Applications7.30%
4/22/2020FHFA House Price Index MoM0.30%0.30%
4/23/2020Initial Jobless Claims4500k5245k
4/23/2020Continuing Claims17000k11976k
4/23/2020Bloomberg Economic Expectations46.5
4/23/2020Bloomberg Consumer Comfort44.5
4/23/2020Markit US Manufacturing PMI3548.5
4/23/2020Markit US Services PMI3039.8
4/23/2020Markit US Composite PMI40.9
4/23/2020New Home Sales640k765k
4/23/2020New Home Sales MoM-16.30%-4.40%
4/23/2020Kansas City Fed Manf. Activity-37-17
4/24/2020Durable Goods Orders-12.00%1.20%
4/24/2020Durables Ex Transportation-6.50%-0.60%
4/24/2020Cap Goods Orders Nondef Ex Air-6.70%-0.90%
4/24/2020Cap Goods Ship Nondef Ex Air-7.00%-0.80%
4/24/2020U. of Mich. Sentiment67.971
4/24/2020U. of Mich. Current Conditions72.4
4/24/2020U. of Mich. Expectations70
4/24/2020U. of Mich. 1 Yr Inflation2.10%
4/24/2020U. of Mich. 5-10 Yr Inflation2.50%


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