May 21, 2020 Headlines

Treasuries yields are lower amid a mild risk-off trade following another multi-million increase in jobless claims, as well as escalating tensions between the U.S. and China. Initial jobless claims for the week ended May 16 were 2.44 million, slightly more than expected, and the roster of continuing claims rose above 25 million (as of May 9). The Senate overwhelmingly passed a bill that could bar some Chinese companies from listing on U.S. stock exchanges, an action that is adding to this morning’s risk-off tone in equity markets. President Trump piled on by tweeting criticisms of Chinese President Xi Jinping’s leadership. On a positive note, oil prices are up again today on news that Kuwait and Saudi Arabia plan to halt production at an oil field they own jointly.

Jason Haley
Chief Investment Officer

5/18/2020NAHB Housing Market Index353730
5/19/2020Revisions: Housing Starts & Building Permits
5/19/2020Housing Starts900k891k1216k1276k
5/19/2020Housing Starts MoM-26.00%-30.20%-22.30%-18.60%
5/19/2020Building Permits1000k1074k1353k1356k
5/19/2020Building Permits MoM-25.90%-20.80%-6.80%-5.70%
5/20/2020MBA Mortgage Applications-2.60%0.30%
5/20/2020FOMC Meeting Minutes
5/21/2020Philadelphia Fed Business Outlook-40-43.1-56.6
5/21/2020Initial Jobless Claims2400k2438k2981k2687k
5/21/2020Continuing Claims24250k25073k22833k22548k
5/21/2020Bloomberg Economic Expectations2929
5/21/2020Bloomberg Consumer Comfort34.735.8
5/21/2020Markit US Manufacturing PMI4039.836.1
5/21/2020Markit US Services PMI32.536.926.7
5/21/2020Markit US Composite PMI36.427
5/21/2020Leading Index-5.40%-4.40%-6.70%-7.40%
5/21/2020Existing Home Sales4.22m4.33m5.27m
5/21/2020Existing Home Sales MoM-19.90%-17.80%-8.50%


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