November 8, 2019 Headlines

Treasury prices were higher overnight as foreign investors stepped up purchases of U.S. debt following yesterday’s sharp sell-off. However, in early New York trading, Treasuries have given up those gains, and yields are drifting higher again (5yr 1.75%, 10yr 1.95%). There’s no clear catalyst for this morning’s sell-off, but some market participants may be preparing for next week’s $20 billion Abbvie debt issuance. Positive developments on U.S./China trade was the primary catalyst for yesterday’s move in U.S. stocks and bonds, but a Reuters article late in the day suggested that there’s “fierce” internal opposition within the White House on rolling back tariffs to secure a phase-one trade deal.  This news sparked a pull-back in yesterday’s equity rally toward the end of the session, but of course, there’s only one opinion that matters within the White House (not yet clear where the president stands on this issue).

Jason Haley
Managing Director, Investment Management Group

11/4/2019Cap Goods Orders Nondef Ex Air-0.60%-0.50%-0.60%
11/4/2019Durables Ex Transportation-0.30%-0.40%-0.30%-0.40%
11/4/2019Durable Goods Orders-1.10%-1.20%-1.10%-1.20%
11/4/2019Factory Orders-0.50%-0.60%-0.10%
11/4/2019Factory Orders Ex Trans-0.10%0.00%-0.20%
11/4/2019Cap Goods Ship Nondef Ex Air-0.70%-0.70%
11/5/2019Trade Balance-$52.4b-$52.5b-$54.9b-$55.0b
11/5/2019Markit US Services PMI5150.651
11/5/2019Markit US Composite PMI50.951.2
11/5/2019JOLTS Job Openings7063702470517301
11/5/2019ISM Non-Manufacturing Index53.554.752.6
11/6/2019MBA Mortgage Applications-0.10%0.60%
11/6/2019Nonfarm Productivity0.90%-0.30%2.30%2.50%
11/6/2019Unit Labor Costs2.20%3.60%2.60%2.40%
11/7/2019Initial Jobless Claims215k211k218k219k
11/7/2019Continuing Claims1682k1689k1690k1692k
11/7/2019Bloomberg Consumer Comfort59.161
11/7/2019Consumer Credit$15.000b$9.513b$17.901b$17.842b
11/8/2019SURVEY REPORT: U.S. Economic Forecasts in Nov. 2019
11/8/2019Wholesale Inventories MoM-0.30%-0.40%-0.30%
11/8/2019Wholesale Trade Sales MoM0.20%0.00%0.00%-0.10%
11/8/2019U. of Mich. Sentiment95.595.795.5
11/8/2019U. of Mich. Current Conditions113.5110.9113.2
11/8/2019U. of Mich. Expectations8585.984.2
11/8/2019U. of Mich. 1 Yr Inflation2.50%2.50%
11/8/2019U. of Mich. 5-10 Yr Inflation2.40%2.30%



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