Treasuries prices were unchanged after the overnight sessions while US equities futures have begun to trim yesterday’s losses (SPX +.79%, NQA +1.1%). The slide in WTI oil prices has temporarily paused near $54 a barrel which is roughly a 28% decline from the October highs. Today’s economic calendar is full starting with Durable Goods Orders which came in below expectations at -4.4% vs -2.6% expected. In addition, Initial Jobless Claims rose by 3,000 to 224k which was above the survey consensus of 215k. Later in the day, the market will be waiting for the release of The University of Michigan survey to gauge consumer sentiment.

Chris Eckhoff
Associate, Investment Management Group


11/19NAHB Housing Market Index676068
11/20Housing Starts1228k1228k1201k
11/20Housing Starts MoM2.20%1.50%-5.30%
11/20Building Permits1260k1263k1241k
11/20Building Permits MoM-0.80%-0.60%-0.60%
11/21MBA Mortgage Applications-0.10%-3.20%
11/21Durable Goods Orders-2.60%-4.40%0.70%
11/21Durables Ex Transportation0.40%0.10%0.00%
11/21Cap Goods Orders Nondef Ex Air0.20%0.00%-0.10%
11/21Cap Goods Ship Nondef Ex Air0.30%0.30%-0.10%
11/21Initial Jobless Claims215k224k216k
11/21Continuing Claims1653k1668k1676k
11/21Bloomberg Consumer Comfort61.360.5
11/21Bloomberg Economic Expectations5658.5
11/21Leading Index0.10%0.10%0.50%
11/21Existing Home Sales5.20m5.22m5.15m
11/21Existing Home Sales MoM1.00%1.40%-3.40%
11/21U. of Mich. Sentiment98.397.598.3
11/21U. of Mich. Current Conditions112.3113.2
11/21U. of Mich. Expectations88.188.7
11/21U. of Mich. 1 Yr Inflation2.80%2.80%
11/21U. of Mich. 5-10 Yr Inflation2.60%2.60%
11/23Markit US Manufacturing PMI55.755.7
11/23Markit US Services PMI5554.8
11/23Markit US Composite PMI54.9