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

 

Date Event Survey Actual Prior
12/24 Chicago Fed Nat Activity Index 0.2 0.22 0.24
12/26 S&P CoreLogic CS US HPI NSA Index 205.82
12/26 S&P CoreLogic CS 20-City MoM SA 0.30% 0.33%
12/26 S&P CoreLogic CS 20-City YoY NSA 4.75% 5.15%
12/26 S&P CoreLogic CS 20-City NSA Index 213.76
12/26 S&P CoreLogic CS US HPI YoY NSA 5.51%
12/26 Richmond Fed Manufact. Index 15 14
12/27 Initial Jobless Claims 216k 214k
12/27 Continuing Claims 1673k 1688k
12/27 FHFA House Price Index MoM 0.20% 0.20%
12/27 Bloomberg Consumer Comfort 58.8
12/27 New Home Sales 567k 544k
12/27 New Home Sales MoM 4.20% -8.90%
12/27 Conf. Board Consumer Confidence 133.5 135.7
12/27 Conf. Board Present Situation 172.7
12/27 Conf. Board Expectations 111
12/28 Advance Goods Trade Balance -$76.0b -$77.2b
12/28 Wholesale Inventories MoM 0.50% 0.80%
12/28 Retail Inventories MoM 0.90%
12/28 Chicago Purchasing Manager 60.3 66.4
12/28 Pending Home Sales MoM 1.00% -2.60%
12/28 Pending Home Sales NSA YoY -4.60%