September 24, 2020 Headlines

A softer tone in risk markets overnight is sparking a modest bid for Treasuries this morning. S&P 500 futures are down -0.8% on general recovery concerns, fueled by the perception that Congress won’t be able to agree on additional fiscal support this year. As a result, some economists are revising lower their Q4 GDP forecast. Also contributing to today’s risk-off trade was an unexpected increase in weekly jobless claims, which rose to 870,000 last week (840,000 expected).  Seven different Fed leaders will be speaking today at separate events, including Jerome Powell before the Senate Banking Committee this morning.

Jason Haley
Chief Investment Officer

9/24/20Initial Jobless Claims840k870k860k866k
9/24/20Continuing Claims12275k12580k12628k12747k
9/24/20Bloomberg Consumer Comfort47.7
9/24/20New Home Sales890k901k
9/24/20New Home Sales MoM-1.20%13.90%
9/24/20Kansas City Fed Manf. Activity1414
9/25/20Durable Goods Orders1.30%11.40%
9/25/20Durables Ex Transportation1.10%2.60%
9/25/20Cap Goods Orders Nondef Ex Air1.00%1.90%
9/25/20Cap Goods Ship Nondef Ex Air0.80%2.40%


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