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

DateEventSurveyActualPriorRevised
4/20/2020Chicago Fed Nat Activity Index-3-4.190.160.06
4/21/2020Existing Home Sales5.25m—5.77m—
4/21/2020Existing Home Sales MoM-9.00%—6.50%—
4/22/2020MBA Mortgage Applications——7.30%—
4/22/2020FHFA House Price Index MoM0.30%—0.30%—
4/23/2020Initial Jobless Claims4500k—5245k—
4/23/2020Continuing Claims17000k—11976k—
4/23/2020Bloomberg Economic Expectations——46.5—
4/23/2020Bloomberg Consumer Comfort——44.5—
4/23/2020Markit US Manufacturing PMI35—48.5—
4/23/2020Markit US Services PMI30—39.8—
4/23/2020Markit US Composite PMI——40.9—
4/23/2020New Home Sales640k—765k—
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. Sentiment67.9—71—
4/24/2020U. of Mich. Current Conditions——72.4—
4/24/2020U. of Mich. Expectations——70—
4/24/2020U. of Mich. 1 Yr Inflation——2.10%—
4/24/2020U. of Mich. 5-10 Yr Inflation——2.50%—

 

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