April 22, 2019 Headlines

It was a relatively quiet overnight trading session with several markets closed for holiday (Australia, Hong Kong, Europe, and others). Treasury prices are little changed at the moment, and S&P 500 futures are down 0.33%. Oil futures are up 2.5% this morning on reports that the White House will end all current sanction waivers for buyers of Iranian oil. Saudi Arabia and the United Arab Emirates have said they will increase production to make up the difference, but doing so may threaten the current OPEC agreement. Chinese stocks struggled today after Chinese leaders announced they would focus more on structural economic reforms going forward as opposed to additional stimulus. The decision to forgo additional stimulus was based on better than expected Q1 economic data and progress in securing a trade deal with the United States.

The first estimate of Q1 GDP growth will be released Friday. Current street estimates call for 2.2% top-line growth and 1% personal consumption growth. We’ve entered the blackout period for Fed speeches ahead of the May 1 FOMC meeting. 

Jason Haley
Managing Director, Investment Management Group

DateEventSurv(M)ActualPriorRevised
4/22/19Chicago Fed Nat Activity Index-0.1-0.15-0.29-0.31
4/22/19Existing Home Sales5.30m5.51m
4/22/19Existing Home Sales MoM-3.80%11.80%
4/23/19FHFA House Price Index MoM0.50%0.60%
4/23/19Richmond Fed Manufact. Index1010
4/23/19New Home Sales650k667k
4/23/19New Home Sales MoM-2.60%4.90%
4/24/19MBA Mortgage Applications-3.50%
4/25/19Durable Goods Orders0.80%-1.60%
4/25/19Initial Jobless Claims200k192k
4/25/19Durables Ex Transportation0.20%-0.10%
4/25/19Continuing Claims1683k1653k
4/25/19Cap Goods Orders Nondef Ex Air0.10%-0.10%
4/25/19Cap Goods Ship Nondef Ex Air0.10%-0.10%
4/25/19Bloomberg Consumer Comfort60.3
4/25/19Kansas City Fed Manf. Activity810
4/26/19GDP Annualized QoQ2.20%2.20%
4/26/19Personal Consumption1.00%2.50%
4/26/19GDP Price Index1.20%1.70%
4/26/19Core PCE QoQ1.30%1.80%
4/26/19U. of Mich. Sentiment9796.9
4/26/19U. of Mich. Current Conditions114.2
4/26/19U. of Mich. Expectations85.8
4/26/19U. of Mich. 1 Yr Inflation2.40%
4/26/19U. of Mich. 5-10 Yr Inflation2.30%

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.