US TSYS: Extending Lows on Chicago Fed Goolsbee Comments
Sep-24 18:47
- Treasuries extend late session lows after FT cited Chicago Fed Pres Goolsbee saying he is
- "UNCOMFORTABLE OVERLY FRONTLOADING RATE CUTS" while we "STILL HAVE MOSTLY STEADY, SOLID JOBS MARKET...AT THE SAME TIME, INFLATION IS GOING THE WRONG WAY"
- Currently, the Dec'25 10Y trades -7 at 112-21 (yld 4.1447% +.0385) vs. 112-20 low - nearing technical support at 112-205/112-155 (Low Sep 22 / High Aug 5 and 14). Resistance above at 113-12/29 High Sep 18 / High Sep 11 and the bull trigger.
- Curves mildly steeper: 2s10s +2.868 at 54.666, 5s30s +.195 at 105.129.
- US$ index near highs, Bbg's BBDXY +6.56 at 1202.23.
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US STOCKS: Late Equities Roundup: Steady/Mixed Dow Off Friday Record Highs
Aug-25 18:43
- Stocks held near steady in SPX eminis to mixed in late Monday trade, the DJIA underperforming as markets (rates, currency and equities) unwound a portion of Friday's post-Chair Powell related rally.
- After climbing to new record high last Friday (45,757.84), the DJIA trades currently down 281.62 points (-0.62%) at 45350.5, S&P E-Minis down 12.5 points (-0.19%) at 6470.75, Nasdaq up 21.1 points (0.1%) at 21518.51.
- Health Care and Consumer Staples sectors underperformed in late trade, Pharmaceutical stocks weighed on the Health Care sector: Dexcom -6.37%, Moderna -4.90%, Align Technology -3.04%, Regeneron Pharmaceuticals -2.74% and Pfizer -2.61%. Highlight laggers in the staples sector included: Keurig Dr Pepper -10.03%, Estee Lauder Cos -2.85%, Constellation Brands -2.11% and Molson Coors Beverage -2.08%.
- On the positive side, tech stocks continued to lead gainers in late trade: Western Digital +3.51%, Seagate Technology Holdings +3.22%, NVIDIA and Super Micro Computer both +1.89% (Nvidia reports after Wednesday's close). Meanwhile, Interactive media and entertainment shares were buoyed Communication Services: Netflix +1.71%, Alphabet +1.54%, Take-Two Interactive Software +1.40% and Electronic Arts +0.70%.
LOOK AHEAD: Tuesday Data Calendar: Fed Speak, Durables/Cap Goods, 2Y Note Sale
Aug-25 17:56
- US Data/Speaker Calendar (prior, estimate)
- 08/26 0830 Richmond Fed Barkin expected to repeat speech on economy from Aug 12, will take audience Q&A).
- 08/26 0830 Philadelphia Fed Non-Mfg Activity (-10.3, --)
- 08/26 0830 Durable Goods Orders (-9.4%, -4.0%), ex-trans (0.2, 0.2)
- 08/26 0830 Cap Goods Orders Nondef Ex Air (-0.8, 0.2%), Ship (0.3%, 0.2%)
- 08/26 0900 FHFA House Price Index MoM (-0.2%, -0.1%)
- 08/26 0900 S&P CoreLogic CS 20-City MoM SA (-0.34%, -0.20%), YoY (2.79%, 2.2%)
- 08/26 1000 Richmond Fed Manufact. Index (-20, --), Business Conditions (-8, --)
- 08/26 1000 Conf. Board Consumer Confidence (97.2, 96.4)
- 08/26 1030 Dallas Fed Services Activity (2.0, --)
- 08/26 1130 US Tsy $85B 6W bill auction
- 08/26 1300 US Tsy $69B 2Y Note auction (91882CNV9)
- Source: Bloomberg Finance L.P. / MNI
PIPELINE: Corporate Bond Roundup: $1.05B SEB Launched
Aug-25 17:27
- Date $MM Issuer (Priced *, Launch #)
- 08/25 $1.05B #Skandinaviska Enskilda Banken AB (SEB) $750M 5Y +73, $300M 5Y SOFR+106
