February 5, 2020 Headlines

Yesterday’s positive tone in risk markets has carried forward today, with S&P 500 futures up 0.82% and Treasury yields up another 3-5 bps (10yr yield now up 15 bps on the month). An early morning article from Reuters reported that Chinese researchers at Zhejiang University have found an effective drug to treat people with the coronavirus based on unconfirmed Chinese media reports.  Mortgage application activity jumped 5% for the week ended January 31, according to the Mortgage Bankers Association (MBA). Refinance applications were up 15.3% on the week, and purchase applications fell 9.5%. The MBA showed the average 30-year mortgage rate falling 10 bps on the week to 3.71%.

Jason Haley
Chief Investment Officer

2/5/2020MBA Mortgage Applications5.00%7.20%
2/5/2020ADP Employment Change157k291k202k199k
2/5/2020Trade Balance-$48.2b-$48.9b-$43.1b-$43.7b
2/5/2020Markit US Services PMI53.253.453.2
2/5/2020Markit US Composite PMI53.353.1
2/5/2020ISM Non-Manufacturing Index55.155.55554.9
2/6/2020Challenger Job Cuts YoY-25.20%
2/6/2020Nonfarm Productivity1.60%-0.20%
2/6/2020Unit Labor Costs1.30%2.50%
2/6/2020Initial Jobless Claims215k216k
2/6/2020Continuing Claims1720k1703k
2/6/2020Bloomberg Consumer Comfort67.3
2/7/2020Two-Month Payroll Net Revision
2/7/2020Change in Nonfarm Payrolls162k145k
2/7/2020Change in Private Payrolls150k139k
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 Employees34.334.3
2/7/2020Labor Force Participation Rate63.20%63.20%
2/7/2020Underemployment Rate6.70%
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



Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.