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

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%

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