February 6, 2020 Headlines

U.S. equities are poised to open higher again today, and Treasuries are little changed across the curve. The overnight news cycle was relatively light from a market perspective. China will reduce tariffs by 50% on $75 billion of U.S. imports. While this was agreed to in the phase one trade deal, some are viewing this as an encouraging sign that China intends to follow through on its pledges. At the same time, the Chinese government is expected to ask the U.S. for some flexibility on its purchase commitments of U.S. goods as it deals with the economic impact on the coronavirus. Dallas Fed President Robert Kaplan will be providing an economic outlook at an event in Texas today, and Fed Governor Randal Quarles will discuss current monetary policy and the economic outlook at a separate event in New York later today.

Jason Haley
Chief Investment Officer

2/3/2020Markit US Manufacturing PMI51.751.951.7
2/3/2020Construction Spending MoM0.50%-0.20%0.60%0.70%
2/3/2020ISM Manufacturing48.550.947.247.8
2/3/2020ISM New Orders47.75246.847.6
2/3/2020ISM Prices Paid5153.351.7
2/3/2020ISM Employment46.645.145.2
2/3/2020Wards Total Vehicle Sales16.80m16.84m16.70m
2/4/2020Factory Orders1.20%1.80%-0.70%-1.20%
2/4/2020Factory Orders Ex Trans0.10%0.60%0.30%0.20%
2/4/2020Durable Goods Orders2.40%2.40%2.40%
2/4/2020Durables Ex Transportation-0.10%-0.10%-0.10%
2/4/2020Cap Goods Orders Nondef Ex Air-0.90%-0.80%-0.90%
2/4/2020Cap Goods Ship Nondef Ex Air-0.30%-0.40%
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 YoY27.80%-25.20%
2/6/2020Nonfarm Productivity1.60%1.40%-0.20%
2/6/2020Unit Labor Costs1.30%1.40%2.50%
2/6/2020Initial Jobless Claims215k202k216k217k
2/6/2020Continuing Claims1720k1751k1703k
2/6/2020Bloomberg Consumer Comfort67.3
2/7/2020Revisions: Establishment Survey
2/7/2020Change in Nonfarm Payrolls162k145k
2/7/2020Two-Month Payroll Net Revision
2/7/2020Change in Private Payrolls150k139k
2/7/2020Change in Manufact. Payrolls-1k-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




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