Stocks started the day slightly lower and Treasury yields lower as recession fears are weighing on investors. The Markit Manufacturing PMI expanded at a slightly faster pace in June to 52.7 from 52.4 last month. The ISM Manufacturing PMI expanded at a slower pace in June to 53.0 from 56.1 last month. New orders and … Read more
Stocks fell sharply in overnight trading and Treasury yields also declined. Initial claims fell -2k last week to +231k. Total claims rose +17.678 to 1.314 million as unemployed workers are struggling to find employment. The Personal Consumption Expenditures price index rose +0.6% in May and +6.3% from this time last year. Excluding food and energy, … Read more
Stocks were flat in overnight trading while Treasury yields fell slightly. Stocks rose slightly and Treasury yields slid in early trading. Mortgage applications rose +0.7% last week as purchase applications rose slightly and refinance applications rose. First quarter GDP growth fell -1.6%, the GDP Price Index rose +8.3%, GDP Sales fell -1.2%, PCE Prices rose … Read more
Stocks and Treasury yields rose in overnight trading as inflation continues to weigh on investors. The Goods Trade Balance or trade deficit decreased slightly in May to -$104.31 billion. Retail inventories rose +0.8% and preliminary wholesale inventories rose +2.0% in May. Home prices rose +1.6% in April and +18.8% from this time last year. The … Read more
Stocks rallied and Treasury yields rose in overnight trading as investors are highly convicted this is the early stages of the long-awaited Bear market rally. Stocks and Treasury yields fell in early trading. Durable Goods New Orders rose +0.7%, excluding food and energy, Core Durable Goods New Orders rose +0.7%, excluding defense rose +0.6%, and … Read more
Stocks rose in overnight trading as hopes for a Bear market rally pull money into the markets. Treasury yields rose in overnight trading as fears of inflation pushed yields higher. Stocks were rallying in early trading and Treasury yields were headed lower in early trading. The University of Michigan’s Consumer Sentiment survey showed sentiment declined … Read more
Stocks jumped in overnight trading to reverse most of yesterday’s late-day selloff. Treasury yields were slightly lower in overnight trading. Initial unemployment claims fell -2k to 229k last week while total claims rose +14.5k to 1.296 million. The Markit preliminary Manufacturing PMI missed expectations with a 52.4 in June, down from 57.0 last month. The … Read more
Stocks and Treasury yields fell in overnight trading. Stocks rallied in early trading while Treasury yields were holding their overnight decline. Mortgage applications rose +4.2% last week as purchase applications rose and refinance applications fell. Today’s $14 billion 20-year Treasury Bond auction was met with decent demand as foreign bidders took 67.4% of the auction … Read more
Stocks rallied in overnight trading as investors continue to bet on a big Bear market rally. Treasury yields also rose in overnight trading. The Chicago Fed National Activity Index was +0.01 in May, indicating the economy is growing on trend, down from +0.40 in April. Existing home sales fell -3.4% in May to 5.41 million … Read more
Stocks rose and Treasury yields fell in overnight trading as investors continue to buy every dip hoping a big Bear market rally will soon start. Stocks and Treasury yields rose in early trading. Industrial production rose +0.2% in May and slowed to +5.83% from this time last year. Manufacturing production fell -0.1% and Capacity Utilization … Read more