May 4, 2020 Headlines

Treasury prices are drifting lower following a relatively quiet overnight session, but a general risk-off tone in global markets is pushing U.S. equity futures lower ahead of the open. U.S./China tensions are ratcheting back up as the White House is reportedly considering new tariffs against China or sanctions against specific companies and/or officials, according to Reuters.  The article also says the Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China. The actions would be retaliation against China’s handling of the virus outbreak, but at the same time, they would generally fall in line with long-time initiatives of Trump and his Director of Trade and Manufacturing Policy Peter Navarro.

Jason Haley
Chief Investment Officer

5/4/2020Factory Orders-9.70%0.00%
5/4/2020Factory Orders Ex Trans-0.90%
5/4/2020Durable Goods Orders-14.40%-14.40%
5/4/2020Durables Ex Transportation-0.20%-0.20%
5/4/2020Cap Goods Orders Nondef Ex Air0.10%0.10%
5/4/2020Cap Goods Ship Nondef Ex Air-0.20%
5/5/2020Trade Balance-$44.2b-$39.9b
5/5/2020Markit US Services PMI2727
5/5/2020Markit US Composite PMI27.4
5/5/2020ISM Non-Manufacturing Index37.752.5
5/6/2020MBA Mortgage Applications-3.30%
5/6/2020ADP Employment Change-20000k-27k
5/7/2020Challenger Job Cuts YoY266.90%
5/7/2020Nonfarm Productivity-5.50%1.20%
5/7/2020Unit Labor Costs4.00%0.90%
5/7/2020Initial Jobless Claims3000k3839k
5/7/2020Continuing Claims19600k17992k
5/7/2020Bloomberg Consumer Comfort39.5
5/7/2020Consumer Credit$15.000b$22.331b
5/8/2020Two-Month Payroll Net Revision
5/8/2020Change in Nonfarm Payrolls-21250k-701k
5/8/2020Change in Private Payrolls-21340k-713k
5/8/2020Change in Manufact. Payrolls-2385k-18k
5/8/2020Unemployment Rate16.00%4.40%
5/8/2020Average Hourly Earnings MoM0.40%0.40%
5/8/2020Average Hourly Earnings YoY3.30%3.10%
5/8/2020Average Weekly Hours All Employees33.534.2
5/8/2020Labor Force Participation Rate61.30%62.70%
5/8/2020Underemployment Rate8.70%
5/8/2020Wholesale Inventories MoM-1.00%-1.00%
5/8/2020Wholesale Trade Sales MoM-3.00%-0.80%


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