10-Year Treasury Yield
An uptick in the 10-year Treasury yield, which topped 4.6% for the first time in a month on Wednesday, weighed upon investor sentiment, according to Ross Mayfield, Baird investment strategy analyst. Higher yields can be bad news for stock investors, as they reduce the multiples investors are willing to pay for equities and make safer investments, such as Treasury bills and money market funds, more attractive. The yield slipped back below the 4.6% level on Thursday.
Shiller Sales
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FHFA Home Sales
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Beige Book
Fed’s Beige Book Points to Modest Growth in US Economy, Prices. Business contacts say consumers pushing back on higher prices. Eight of 12 districts reported negligible to modest job gains. The U.S. economy grew unevenly over the past six weeks while consumers recoiled against higher prices, the Federal Reserve reported Wednesday. As part of its periodic “Beige Book” economic look, the Fed noted that the economy “continued to expand” during the period, though “conditions varied” among the 12 central bank districts. On inflation, the report said prices rose at a “modest” pace while “consumers pushed back against additional price increases, which led to smaller profit margins as input prices rose on average.” Retailers reported offering incentives to shoppers as “price growth is expected to continue at a modest pace in the near term.”
MBA Purchase Applications
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Jobless Claims
The Labor Department reported that initial unemployment claims totaled 219,000 for the week ended May 25, up 3,000 from the previous period but close to the forecast for 218,000. Continuing claims nudged higher to 1.791 million.
GDP Preliminary Q1-2024
GDP Pre Q1-2024 grew less than initially thought in first quarter; inflation reading eases. Economic growth in the first three months of the year was lower than initially estimated, but so was a key inflation indicator, according to a Commerce Department report Thursday. Real gross domestic product accelerated at a 1.3% annualized rate in the first quarter, down from the initial 1.5% estimate.
Corporate Profits
Corportae Profits After Tax without IVA and CCAdj) USD 3,096.32 B . From 8.6% to 10.90% year over year. Corportae Profits After Tax WITH inventories t Inventory & Consumption Adjustments USD 2,803 B . From 3.8% to 6.4% year over year. And 3.90% from Month to Month WITH inventories t Inventory.
Chicago PMI
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Consumer Sentiment UM
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Pending Home Sales
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Jobless Claims
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Mortgage Rates
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International Trade Goods
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Retail Inv Adv
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Wholesale Inv Adv
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Personal Income
Personal income increased 0.3% on the month, matching the estimate, while spending rose just 0.2%, below the 0.4% estimate and off March’s downwardly revised 0.7%. Adjusted for inflation, the spending numbers showed a 0.1% decline, due in large part to a 0.4% decrease in spending on goods and just a 0.1% rise in services expenditures.
Core PCE
The Fed’s preferred inflation measure rose 0.2% in April, as expected. The personal consumption expenditures price index excluding food and energy costs increased 0.2% in April and 2.8% from a year ago. Headline PCE rose 0.3% and 2.7%, respectively, in line with estimates. Personal income increased 0.3% on the month, matching the estimate, while spending rose just 0.2%.
Consumer Spending
Inflation rose about as expected in April, with markets on edge over when interest rates might start coming down, according to a measure released Friday that is followed closely by the Federal Reserve. The personal consumption expenditures price index excluding food and energy costs increased just 0.2% for the period, in line with the Dow Jones estimate, the Commerce Department reported. On an annual basis, core PCE was up 2.8%, or 0.1 percentage point higher than the estimate.
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