February 4, 2020 Headlines

A risk-on trade emerged in global markets overnight after the Chinese government took additional stimulus measures, injecting nearly $60 billion via repo operations. Virtually all major global equity indices are higher on the day (Euro Stoxx +1.6%, Hang Seng 1.2%), and S&P 500 futures are up 1.3% ahead of the open. Treasury yields are rising amid the more positive risk tone, with yields up 5-7 bps across the curve, and both mortgage and credit spreads are tighter on the day.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
2/4/2020Factory Orders1.20%—-0.70%—
2/4/2020Factory Orders Ex Trans0.10%—0.30%—
2/4/2020Durable Goods Orders2.40%—2.40%—
2/4/2020Durables Ex Transportation-0.10%—-0.10%—
2/4/2020Cap Goods Orders Nondef Ex Air-0.90%—-0.90%—
2/4/2020Cap Goods Ship Nondef Ex Air——-0.40%—
2/5/2020MBA Mortgage Applications——7.20%—
2/5/2020ADP Employment Change158k—202k—
2/5/2020Trade Balance-$48.2b—-$43.1b—
2/5/2020Markit US Services PMI53.2—53.2—
2/5/2020Markit US Composite PMI——53.1—
2/5/2020ISM Non-Manufacturing Index55.1—5554.9
2/6/2020Challenger Job Cuts YoY——-25.20%—
2/6/2020Unit Labor Costs1.30%—2.50%—
2/6/2020Nonfarm Productivity1.60%—-0.20%—
2/6/2020Initial Jobless Claims215k—216k—
2/6/2020Continuing Claims1720k—1703k—
2/6/2020Bloomberg Consumer Comfort——67.3—
2/7/2020Two-Month Payroll Net Revision————
2/7/2020Change in Nonfarm Payrolls161k—145k—
2/7/2020Change in Private Payrolls150k—139k—
2/7/2020Change in Manufact. Payrolls-3k—-12k—
2/7/2020Unemployment Rate3.50%—3.50%—
2/7/2020Average Hourly Earnings MoM0.30%—0.10%—
2/7/2020Average Hourly Earnings YoY3.00%—2.90%—
2/7/2020Average Weekly Hours All Employees34.3—34.3—
2/7/2020Labor Force Participation Rate63.20%—63.20%—
2/7/2020Underemployment Rate——6.70%—
2/7/2020Wholesale Inventories MoM-0.10%—-0.10%—
2/7/2020Wholesale Trade Sales MoM0.10%—1.50%—
2/7/2020Consumer Credit$15.000b—$12.513b—

 

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