Today’s Market Update

Markets Relatively Quiet Ahead of Key Economic Indicator Releases
2020-04-02

This morning, Treasury yields are higher and equities edged up as the markets continue to slowly stabilize following the potent volatility of the past couple weeks. Both initial jobless claims and consumer sentiment numbers are anticipated to be quite negative when they are released later this morning.  As for the continued spread of COVID-19 cases, there were more than 940,000 confirmed worldwide, including over 200,000 cases and over 5,000 deaths in the US.   The 10-Year Treasury note yield was lower at 0.61%, while the price of oil surged to $25.50 and the price of gold edged lower to $1,607.56.

– CMS Staff

Treasury Yields

Term  Current  Last Month
3 Month0.06%1.17%
6 Month0.13%1.04%
2 Year0.23%0.90%
5 Year0.38%0.94%
10 Year0.61%1.16%
30 Year1.26%1.71%
Yields updated each morning.
Source: Bloomberg

Benchmarks

PRIME3.25%
DJIA21,224.62
Crude Oil (WTI)$25.50
YEN107.7800
Gold$1,607.56
1 Year CMT0.12%
1 Month LIBOR1.0163%
Fed Funds Effective0.06%
Next FOMC MeetingApril 28-29th, 2020
Source: Bloomberg

Economic Indicator Calendar

DateEventPeriodSurv (M)ActualPriorRevised
03/30Pending Home Sales MoMFeb-1.0%2.4%5.2%5.3%
Pending Home Sales IndexFeb111.5108.8108.9
Dallas Fed Manf. ActivityMar6.2-70.01.2
03/31S&P CoreLogic CS 20-City YoY NSAJan3.2%3.1%2.9%2.8%
S&P CoreLogic CS 20-City MoM SAJan0.4%0.3%0.4%
Chicago PMIMar40.047.849.0
Conf. Board Consumer ConfidenceMar110.0120.0130.7132.6
04/01MBA Mortgage Applications27-Mar15.3%-29.4%
ADP Nonfarm Employment ChangeMar-150k-27k183k
Manufacturing PMIMar49.248.550.7
Construction Spending MoMFeb0.5%-1.3%1.8%2.8%
ISM Manufacturing EmploymentMar43.643.846.9
ISM Manufacturing New Orders IndexMar42.249.8
ISM Manufacturing PMIMar45.049.150.1
ISM Manufacturing PricesMar41.237.445.9
04/02Challenger Job Cuts YoY266.9%-26.3%
Initial Jobless Claims28-Mar3500k6648k3283k3307k
Continuing Claims21-Mar4882k3029k1803k1784k
Trade BalanceFeb-$40.0b-$39.9b-$45.3b-$45.5b
Durables ex. Defense MoMFeb0.1%0.1%
Factory Orders MoMFeb0.2%0.0%-0.5%
Factory Orders ex. TransportationFeb-0.9%-0.1%-0.4%
04/03Average Hourly Earnings YoYMar3.0%3.0%
Average Hourly Earnings MoMMar0.2%0.3%
Average Weekly HoursMar34.134.4
Nonfarm PayrollsMar-124k273k
Private Nonfarm PayrollsMar-175k228k
Participation RateMar63.3%63.4%
Unemployment RateMar3.8%3.5%
Markit Composite PMIMar40.540.5
ISM Non-Manufact. EmploymentMar55.6
ISM Non-Manufact. PMIMar44.057.3
Source: Bloomberg