U.S. stock futures declined overnight (SPX -0.46%) and U.S. Treasuries rallied on light pre-holiday volumes. The decline in stocks erased modest gains made after Secretary Mnuchin reassured top bank executives that liquidity is available to support the markets and Federal Reserve Chairman Powell would not be removed from office despite the president’s rhetoric. Additionally, the U.S. Government remains closed for the 3rd straight day as budget negotiations continue. Due to the upcoming holiday, trading volume is expected to be light and the bond market is set to close early at 2:00pm EST.

Chris Eckhoff
Associate, Investment Management Group


12/24Chicago Fed Nat Activity Index0.20.220.24
12/26S&P CoreLogic CS US HPI NSA Index205.82
12/26S&P CoreLogic CS 20-City MoM SA0.30%0.33%
12/26S&P CoreLogic CS 20-City YoY NSA4.75%5.15%
12/26S&P CoreLogic CS 20-City NSA Index213.76
12/26S&P CoreLogic CS US HPI YoY NSA5.51%
12/26Richmond Fed Manufact. Index1514
12/27Initial Jobless Claims216k214k
12/27Continuing Claims1673k1688k
12/27FHFA House Price Index MoM0.20%0.20%
12/27Bloomberg Consumer Comfort58.8
12/27New Home Sales567k544k
12/27New Home Sales MoM4.20%-8.90%
12/27Conf. Board Consumer Confidence133.5135.7
12/27Conf. Board Present Situation172.7
12/27Conf. Board Expectations111
12/28Advance Goods Trade Balance-$76.0b-$77.2b
12/28Wholesale Inventories MoM0.50%0.80%
12/28Retail Inventories MoM0.90%
12/28Chicago Purchasing Manager60.366.4
12/28Pending Home Sales MoM1.00%-2.60%
12/28Pending Home Sales NSA YoY-4.60%