Selling Continues And It's Not Just Oil
Selling Continues And It's Not Just Oil
Bond yields broke long term highs yesterday and are moving slightly higher again today. In both cases, we're NOT seeing the same level of intraday correlation with oil prices that we've almost always seen on days without another compelling motivation for bonds. That said, oil prices still moved higher, so we can't discount its impact. From here, econ data will be a risk/opportunity as well with relevant data every morning through the end of the week (starting at 10am ET today with ISM and JOLTS).
Technically a breakout, but it could have been worse
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Sep 01 | |||||
| 9:05AM | Fed Barr Speech | ||||
| 9:45AM | Aug S&P Global Manuf. PMI | Aug | 53.9 | 53.2 | 53.9 |
| 10:00AM | Aug ISM Mfg Prices Paid | Aug | 71.1 | 72 | 71.1 |
| 10:00AM | Aug ISM Manufacturing PMI | Aug | 54.6 | 55.2 | 55.6 |
| 10:00AM | Aug ISM Manufacturing Employment | Aug | 51.2 | 52.8 | |
| 10:00AM | Jul USA JOLTS Job Openings (ml) | Jul | 7.271M | 7.3M | 7.359M |
| 10:00AM | Jul Construction spending (%) | Jul | -0.5% | 0% | -0.1% |
| 10:00AM | Jul JOLTs Job Quits (ml) | Jul | 3.056M | 3.232M | |
| 10:10AM | Sep IBD economic optimism | Sep | 45.6 | 46.2 | 45.1 |
| 11:30AM | 6-Week Bill Auction (%) | 3.735% | 3.650% | ||
| Wednesday, Sep 02 | |||||
| 7:00AM | Aug/28 Mortgage Market Index | Aug/28 | 245.3 | ||
| 7:00AM | Aug/28 MBA Purchase Index | Aug/28 | 154.4 | ||
| 7:00AM | Aug/28 MBA Refi Index | Aug/28 | 740.8 | ||
| 8:15AM | Aug ADP jobs (k) | Aug | 48K | 44K | |
| 10:00AM | Jul Factory orders mm (%) | Jul | 0.7% | -0.3% | |
| 10:30AM | Aug/28 Crude Oil Inventory (ml) | Aug/28 | 0.095M | ||
| 2:00PM | Aug Total Vehicle Sales (ml) | Aug | 16.3M | 16.3M | |
| 2:00PM | Fed Beige Book | ||||
