US equities paused overnight after the recent rally as market participants look for more details regarding US-China trade negotiations. President Trump is expected to meet with Chinese Vice Premier Liu in what is being rumored as the final stages of negotiation. The expected deal would allow American companies to wholly own enterprises in China and provide a 2025 target to meet commitments on commodity purchases. On the economic data front, the labor market continues to tighten as jobless claims fell to 202k and is at the lowest levels since December 1969.

Chris Eckhoff
Associate, Investment Management Group
04/01/19Retail Sales Advance MoM0.20%-0.20%0.20%0.70%
04/01/19Retail Sales Ex Auto MoM0.30%-0.40%0.90%1.40%
04/01/19Retail Sales Ex Auto and Gas0.30%-0.60%1.20%1.70%
04/01/19Retail Sales Control Group0.30%-0.20%1.10%1.70%
04/01/19Markit US Manufacturing PMI52.552.452.5
04/01/19ISM Manufacturing54.555.354.2
04/01/19ISM Employment57.552.3
04/01/19ISM Prices Paid52.554.349.4
04/01/19ISM New Orders57.455.5
04/01/19Construction Spending MoM-0.20%1.00%1.30%2.50%
04/01/19Business Inventories0.50%0.80%0.60%0.80%
04/02/19Durable Goods Orders-1.80%-1.60%0.30%0.10%
04/02/19Durables Ex Transportation0.10%0.10%-0.20%-0.10%
04/02/19Cap Goods Orders Nondef Ex Air0.10%-0.10%0.80%0.90%
04/02/19Cap Goods Ship Nondef Ex Air-0.10%0.00%0.80%1.00%
04/02/19Wards Total Vehicle Sales16.80m17.50m16.56m
04/03/19MBA Mortgage Applications18.60%8.90%
04/03/19ADP Employment Change175k129k183k197k
04/03/19Markit US Services PMI54.855.354.8
04/03/19Markit US Composite PMI54.654.3
04/03/19ISM Non-Manufacturing Index5856.159.7
04/04/19Challenger Job Cuts YoY0.40%117.20%
04/04/19Initial Jobless Claims215k202k211k212k
04/04/19Continuing Claims1752k1717k1756k1755k
04/04/19Bloomberg Consumer Comfort58.960
04/05/19Change in Nonfarm Payrolls175k20k
04/05/19Two-Month Payroll Net Revision
04/05/19Change in Private Payrolls177k25k
04/05/19Change in Manufact. Payrolls10k4k
04/05/19Unemployment Rate3.80%3.80%
04/05/19Average Hourly Earnings MoM0.30%0.40%
04/05/19Average Hourly Earnings YoY3.40%3.40%
04/05/19Average Weekly Hours All Employees34.534.4
04/05/19Labor Force Participation Rate63.20%63.20%
04/05/19Underemployment Rate7.30%
04/05/19Consumer Credit$17.000b$17.049b