Treasury prices are higher again this morning on another down day for equities. S&P 500 futures were down as much as 1% overnight but have since recovered to -0.18% on the day. There were no major headlines released overnight, although European PMI data was weaker than expected.  A better than expected earnings report from Boeing has contributed to the partial recovery in stocks, but the larger narrative affecting markets remains effectively the same (trade, hawkish Fed, higher bond yields, etc.).  New home sales data for September will be released later this morning. Housing data has softened in recent months on affordability concerns, but inventories remain historically low. The Fedspeak calendar is relatively full again today, with four leaders speaking at separate events today (3 regional bank presidents and 1 governor).

Jason Haley
Managing Director, Investment Management Group

 

Date Event Survey Actual Prior
10/22 Chicago Fed Nat Activity Index 0.21 0.17 0.18
10/23 Richmond Fed Manufact. Index 24 15 29
10/24 MBA Mortgage Applications 4.90% -7.10%
10/24 FHFA House Price Index MoM 0.30% 0.30% 0.20%
10/24 Markit US Manufacturing PMI 55.3 55.6
10/24 Markit US Services PMI 54 53.5
10/24 Markit US Composite PMI 53.9
10/24 New Home Sales 625k 629k
10/24 New Home Sales MoM -0.60% 3.50%
10/24 U.S. Federal Reserve Releases Beige Book
10/25 Advance Goods Trade Balance -$75.1b -$75.8b
10/25 Wholesale Inventories MoM 0.50% 1.00%
10/25 Retail Inventories MoM 0.70%
10/25 Durable Goods Orders -1.50% 4.40%
10/25 Durables Ex Transportation 0.40% 0.00%
10/25 Cap Goods Orders Nondef Ex Air 0.50% -0.90%
10/25 Cap Goods Ship Nondef Ex Air 0.40% -0.20%
10/25 Initial Jobless Claims 215k 210k
10/25 Continuing Claims 1644k 1640k
10/25 Bloomberg Consumer Comfort 60.8
10/25 Pending Home Sales MoM 0.00% -1.80%
10/25 Pending Home Sales NSA YoY -2.60% -2.50%
10/25 Kansas City Fed Manf. Activity 14 13
10/26 GDP Annualized QoQ 3.30% 4.20%
10/26 Personal Consumption 3.30% 3.80%
10/26 GDP Price Index 2.10% 3.00%
10/26 Core PCE QoQ 1.80% 2.10%
10/26 U. of Mich. Sentiment 99 99
10/26 U. of Mich. Current Conditions 114.4
10/26 U. of Mich. Expectations 89.1
10/26 U. of Mich. 1 Yr Inflation 2.80%
10/26 U. of Mich. 5-10 Yr Inflation 2.30%