Mostly Consolidating Ahead of Fed. Some Pressure From Neocloud Bounce
Mostly Consolidating Ahead of Fed. Some Pressure From Neocloud Bounce
"Neocloud" has entered the commentary. This is shorthand for the market segment in which Coreweave operates. Neocloud companies have been the epicenter of recent concerns in tech that have helped fuel the mid October bond rally. Their negative momentum leveled off last Thursday--the same time bond yields bottomed. Neocloud stocks are up sharply this morning and their bond yields are falling. Coreweave yields are back to last Wednesday's levels (though still hugely elevated from early October levels). The consolidation mirrors the bond market over the past several sessions, although this morning's Durable Goods data made for a slight bump in yields. Wednesday's Fed announcement is likely the next major scheduled event that could serve as the jumping-off point for the next phase of momentum.
Bonds Hold Ground Despite Some Healing in Tech
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Oct 27 | |||||
| 8:15AM | ADP Employment Change Weekly | 16.8K | 18.5K | ||
| 8:30AM | Sep Durable goods (%) | Sep | 1.8% | 1.5% | 0% |
| 8:30AM | Sep Core Durable Goods (%) | Sep | 0.5% | 0.7% | 1.6% |
| 9:00AM | Aug FHFA Home Price Index m/m (%) | Aug | 0.3% | 0.2% | 0.3% |
| 9:00AM | Aug FHFA Home Prices y/y (%) | Aug | 2.4% | 2.6% | |
| 9:00AM | Aug CaseShiller 20 mm nsa (%) | Aug | -0.4% | 0% | |
| 9:00AM | Aug Case Shiller Home Prices-20 y/y (% ) | Aug | 2.7% | 2.5% | 2.5% |
| 10:00AM | Oct Consumer Confidence (%) | Oct | 91.7 | 81 | 81.9 |
| 10:00AM | Sep New Home Sales (ml) | Sep | 0.676M | 0.65M | 0.684M |
| 1:00PM | 5-Year Note Auction | 4.845% | 5.033% | ||
| Wednesday, Oct 28 | |||||
| 7:00AM | Oct/23 Mortgage Market Index | Oct/23 | 188.6 | ||
| 7:00AM | Oct/23 MBA Purchase Index | Oct/23 | 129.2 | ||
| 7:00AM | Oct/23 MBA Refi Index | Oct/23 | 503.1 | ||
| 10:30AM | Oct/23 Crude Oil Inventory (ml) | Oct/23 | 0.8M | -3.061M | |
| 11:30AM | 2-Year FRN Auction (%) | 0.040% | 0.040% | ||
| 2:00PM | Fed Interest Rate Decision | 4.0% | 4% | ||
| 2:00PM | FOMC Statement | ||||
| 2:30PM | Fed Press Conference | ||||