Friday, December 3, 2010
Market Notes - December 3, 2010
U.S. stock index futures turned negative after the latest employment situation report came in softer-than-expected. The Labor Department showed non-farm payroll rose by 38,000, which was less much than expected. However, overall employment for September and October was revised to show 38,000 more jobs than previously thought. Average hourly earnings were flat in November after rising 0.3% in the prior month. The average workweek was steady at 34.3 hours. The unemployment rate edged up to 9.8% from 9.6% in October, which was slightly higher than analysts’ forecast for 9.7%. A report on factory orders and the non-manufacturing ISM index will be released at 01:00 am ET.
Thursday, December 2, 2010
Market Notes - December 2, 2010
U.S. stocks posted their biggest percentage gain in three months yesterday. Yesterday’s momentum has carried over to the futures market, which are also being supported by strength in overseas markets.
Retailers are reporting same-store sales for November. The overall results are coming in better than expected. Jobless claims, meanwhile, can in at a higher-than-expected 436,000 last week. This follows a lower-revised 410,000 in the previous week, which was the best reading of this recovery. The four-week moving average also improved to its best reading of the recovery at 431,000. After the opening bell, the National Association of Realtors will release its pending home sales index, which is a measure of sales contracts for existing homes. The index is expected to be unchanged in October after slipping 1.8% in September.
Retailers are reporting same-store sales for November. The overall results are coming in better than expected. Jobless claims, meanwhile, can in at a higher-than-expected 436,000 last week. This follows a lower-revised 410,000 in the previous week, which was the best reading of this recovery. The four-week moving average also improved to its best reading of the recovery at 431,000. After the opening bell, the National Association of Realtors will release its pending home sales index, which is a measure of sales contracts for existing homes. The index is expected to be unchanged in October after slipping 1.8% in September.
Wednesday, December 1, 2010
Market Notes - December 1, 2010
U.S. stock futures rose sharply, following a rally in both European and Asian markets. This comes after strong manufacturing data in China and encouraging words from the European Central Bank that they are willing to support other struggling European nations if needed.
On the domestic front, there has already been a lot economic data released this morning. Mortgage applications for new homes rose 1.1% last week after rising 14.4% in the previous week. The average mortgage rate increased six basis points to 4.56% last week, after reaching a low of 4.30%. The rise in rates slowed refinancing applications, which dipped 21.6% last week.
The economy created 93,000 private sector jobs in November, according to the latest report from ADP. This follows a rise of 82,000 in October, which was revised higher from the originally reported 43,000. A separate report from Challenger, Gray & Christmas showed planned job cuts edged up in November.
U.S. non-farm productivity grew faster than previously estimated in the third quarter, as employees squeezed more output from workers and kept costs low. Productivity rose at an annual rate of 2.3% rather than the 1.9% pace reported last month, after contracting 1.8% in the second quarter. Still to come at 10:00 am ET, the ISM manufacturing index is expected to remain unchanged for November and at 2:00 pm the Federal Reserve’s region-by-region assessment of the economy, the Beige Book, is released.
On the domestic front, there has already been a lot economic data released this morning. Mortgage applications for new homes rose 1.1% last week after rising 14.4% in the previous week. The average mortgage rate increased six basis points to 4.56% last week, after reaching a low of 4.30%. The rise in rates slowed refinancing applications, which dipped 21.6% last week.
The economy created 93,000 private sector jobs in November, according to the latest report from ADP. This follows a rise of 82,000 in October, which was revised higher from the originally reported 43,000. A separate report from Challenger, Gray & Christmas showed planned job cuts edged up in November.
U.S. non-farm productivity grew faster than previously estimated in the third quarter, as employees squeezed more output from workers and kept costs low. Productivity rose at an annual rate of 2.3% rather than the 1.9% pace reported last month, after contracting 1.8% in the second quarter. Still to come at 10:00 am ET, the ISM manufacturing index is expected to remain unchanged for November and at 2:00 pm the Federal Reserve’s region-by-region assessment of the economy, the Beige Book, is released.
Tuesday, November 30, 2010
Market Notes - November 30, 2010
U.S. stock futures pointed to a lower start, influenced by worries of troubled European debt.
Economic data will be back in the spotlight today with reports on housing, manufacturing, and confidence. At 9:00 am ET, the S&P Case-Shiller home price index is expected to show a 1.0% increase in September after a 1.7% rise the month before. Shortly after that, a measure of manufacturing in the Chicago area is expected to show that activity slowed slightly, but still reflect expansion. At 10:00 am, the Conference Board will release its index of consumer confidence. The index is expected to have increased in November.
Economic data will be back in the spotlight today with reports on housing, manufacturing, and confidence. At 9:00 am ET, the S&P Case-Shiller home price index is expected to show a 1.0% increase in September after a 1.7% rise the month before. Shortly after that, a measure of manufacturing in the Chicago area is expected to show that activity slowed slightly, but still reflect expansion. At 10:00 am, the Conference Board will release its index of consumer confidence. The index is expected to have increased in November.
Monday, November 29, 2010
Market Notes - November 29, 2010
Stocks headed for a flat opening as investors returned from the holiday shortened week.
While there are no major economic reports due today, there will be plenty of influential reports throughout the week. Tomorrow, the S&P Case-Shiller home price index is expected to show a 1% rise after the previous months’ 1.7% gain. The November reading of the Chicago PMI, a regional manufacturing index, is expected to decrease, but still reflect expansion in the region. The Conference Board will release its November reading on consumer confidence, which is expected to have edged higher.
Wednesday will be busy with reports on motor vehicle sales, mortgage applications, private sector jobs, productivity and costs, construction spending, and manufacturing. The weekly jobless claims number and the pending home sales index are due Thursday. The closely watched employment situation report for November is due on Friday. The consensus for new jobs added ranges from 100,000 to 200,000. Also due are reports on factory orders and non-manufacturing activity.
While there are no major economic reports due today, there will be plenty of influential reports throughout the week. Tomorrow, the S&P Case-Shiller home price index is expected to show a 1% rise after the previous months’ 1.7% gain. The November reading of the Chicago PMI, a regional manufacturing index, is expected to decrease, but still reflect expansion in the region. The Conference Board will release its November reading on consumer confidence, which is expected to have edged higher.
Wednesday will be busy with reports on motor vehicle sales, mortgage applications, private sector jobs, productivity and costs, construction spending, and manufacturing. The weekly jobless claims number and the pending home sales index are due Thursday. The closely watched employment situation report for November is due on Friday. The consensus for new jobs added ranges from 100,000 to 200,000. Also due are reports on factory orders and non-manufacturing activity.
Wednesday, November 24, 2010
Market Notes - November 24, 2010
Markets sold off yesterday as tension rose in Korea, but world markets have since stabilized and U.S. futures point to a positive start.
There has already been a lot of economic data released today. Most importantly, the employment situation continues to show improvement as the number of people filing for unemployment benefits fell sharply last week. Initial claims fell to 407,000, which is down 34,000 week-over-week and well below the 442,000 that was expected. This is also the lowest level since July 2008. There was also surprisingly good news for the housing sector, as mortgage applications rose to their highest level in six months. A separate report showed consumer spending rose for the fourth straight month, while inflation remained anemic. However, new orders for U.S. manufactured goods fell in October, but the prior month was revised higher. Reports on new home sales and consumer sentiment are still to come.
There has already been a lot of economic data released today. Most importantly, the employment situation continues to show improvement as the number of people filing for unemployment benefits fell sharply last week. Initial claims fell to 407,000, which is down 34,000 week-over-week and well below the 442,000 that was expected. This is also the lowest level since July 2008. There was also surprisingly good news for the housing sector, as mortgage applications rose to their highest level in six months. A separate report showed consumer spending rose for the fourth straight month, while inflation remained anemic. However, new orders for U.S. manufactured goods fell in October, but the prior month was revised higher. Reports on new home sales and consumer sentiment are still to come.
Tuesday, November 23, 2010
Market Notes - November 23, 2010
U.S. stock futures trades lower amid military tension between North and South Korea.
The revised reading on U.S. economic growth showed the economy grew faster than expected in the third quarter. GDP was revised to an annualized rate of 2.5% from the initial reading of 2.0% as exports, consumer, and government spending were stronger than initially thought. Analysts were expecting the number to be revised to 2.4%.
The National Association of Realtors is scheduled to report October existing home sales at 10:00 am ET. Economists expect the report to show sales fell to an annual rate of 4.42 million last month, from 4.53 million in September. At 2:00 pm, the Federal Reserve is due to release the minutes from the last FOMC policy meeting.
The revised reading on U.S. economic growth showed the economy grew faster than expected in the third quarter. GDP was revised to an annualized rate of 2.5% from the initial reading of 2.0% as exports, consumer, and government spending were stronger than initially thought. Analysts were expecting the number to be revised to 2.4%.
The National Association of Realtors is scheduled to report October existing home sales at 10:00 am ET. Economists expect the report to show sales fell to an annual rate of 4.42 million last month, from 4.53 million in September. At 2:00 pm, the Federal Reserve is due to release the minutes from the last FOMC policy meeting.
Subscribe to:
Posts (Atom)
