November 29, 2021 Headlines

Risk markets are rebounding today following Friday’s Omicron scare that sent U.S. stocks down more than 2% and term Treasury yields down 14-18 basis points. Yields are 5-7 bps higher to start the morning, and S&P 500 futures are up 0.76% as of 8:11am EST. Implied volatility in the Treasury market, as measured by the MOVE Index, is now at the highest level since March 30, 2020. With no major data releases scheduled for today, market focus will be directed to Fed Chair Powell’s speech this afternoon at an event in New York, which will include an appearance from New York Fed President John Williams. This week’s data calendar is headlined by the November jobs report (Friday), and Powell will also appear before the Senate (tomorrow) and House (Wednesday) to provide updates on CARES Act relief.

Jason Haley
Chief Investment Officer

11/29/21Pending Home Sales MoM0.80%-2.30%
11/29/21Pending Home Sales NSA YoY-7.20%
11/29/21Dallas Fed Manf. Activity1714.6
11/30/21FHFA House Price Index MoM1.20%1.00%
11/30/21House Price Purchase Index QoQ4.90%
11/30/21S&P CoreLogic CS 20-City MoM SA1.25%1.17%
11/30/21S&P CoreLogic CS 20-City YoY NSA19.35%19.66%
11/30/21S&P CoreLogic CS US HPI YoY NSA19.84%
11/30/21MNI Chicago PMI6768.4
11/30/21Conf. Board Consumer Confidence110.7113.8
11/30/21Conf. Board Present Situation147.4
11/30/21Conf. Board Expectations91.3
12/01/21MBA Mortgage Applications1.80%
12/01/21ADP Employment Change525k571k
12/01/21Markit US Manufacturing PMI59.159.1
12/01/21Construction Spending MoM0.40%-0.50%
12/01/21ISM Manufacturing61.160.8
12/01/21ISM Prices Paid85.885.7
12/01/21ISM New Orders59.8
12/01/21ISM Employment52
12/01/21U.S. Federal Reserve Releases Beige Book
12/01/21Wards Total Vehicle Sales13.35m12.99m
12/02/21Challenger Job Cuts YoY-71.70%
12/02/21Initial Jobless Claims250k199k
12/02/21Continuing Claims2000k2049k
12/02/21Langer Consumer Comfort52.2
12/03/21Two-Month Payroll Net Revision235k
12/03/21Change in Nonfarm Payrolls535k531k
12/03/21Change in Private Payrolls525k604k
12/03/21Change in Manufact. Payrolls45k60k
12/03/21Unemployment Rate4.50%4.60%
12/03/21Average Hourly Earnings MoM0.40%0.40%
12/03/21Average Hourly Earnings YoY5.00%4.90%
12/03/21Average Weekly Hours All Employees34.734.7
12/03/21Labor Force Participation Rate61.70%61.60%
12/03/21Underemployment Rate8.30%
12/03/21Markit US Services PMI5757
12/03/21Markit US Composite PMI56.5
12/03/21ISM Services Index6566.7
12/03/21Factory Orders0.50%0.20%
12/03/21Factory Orders Ex Trans0.70%
12/03/21Durable Goods Orders-0.50%
12/03/21Durables Ex Transportation0.50%
12/03/21Cap Goods Orders Nondef Ex Air0.60%
12/03/21Cap Goods Ship Nondef Ex Air0.30%


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