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Solid AM Gains Stick Around All Day
Solid AM Gains Stick Around All Day
Bonds improved in the morning following comments from Bessent that gave the markets more insight to his role in defusing last week's frenzy over the potential ouster. In short, he's the voice of reason and the bond market likes that. Additional gains came courtesy of 9:30am NYSE tradeflows. At the time, stocks were sinking. Then in the afternoon, stocks rebounded without pulling bond yields higher.
AM Gains Remain Despite Stock Market Reversal
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Jul 23 | |||||
| 7:00AM | Jul/18 MBA Purchase Index | Jul/18 | 165.1 | 159.6 | |
| 7:00AM | Jul/18 MBA Refi Index | Jul/18 | 747.5 | 767.6 | |
| 10:00AM | Jun Existing home sales (ml) | Jun | 3.93M | 4.01M | 4.03M |
| 10:00AM | Jun Exist. home sales % chg (%) | Jun | -2.7% | 0.8% | |
| 10:30AM | Jul/18 Crude Oil Inventory (ml) | Jul/18 | -3.169M | -1.6M | -3.859M |
| 1:00PM | 20-Yr Bond Auction (bl) | 13 | |||
| Thursday, Jul 24 | |||||
| 8:00AM | Jun Building Permits (ml) | Jun | 1.397M | 1.394M | |
| 8:30AM | Jul/12 Continued Claims (ml) | Jul/12 | 1960K | 1956K | |
| 8:30AM | Jul/19 Jobless Claims (k) | Jul/19 | 227K | 221K | |
| 9:45AM | Jul S&P Global Composite PMI | Jul | 52.9 | ||
| 9:45AM | Jul S&P Global Manuf. PMI | Jul | 52.6 | 52.9 | |
| 9:45AM | Jul S&P Global Services PMI | Jul | 53.0 | 52.9 | |
| 10:00AM | Jun New Home Sales (ml) | Jun | 0.65M | 0.623M | |
| 10:00AM | Jun New Home Sales (%) (%) | Jun | -13.7% | ||
| 1:00PM | 10-yr Note Auction (bl) | 21 | |||
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