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Slightly Stronger Start. Mostly Holding After ISM Data
Slightly Stronger Start. Mostly Holding After ISM Data
Bonds were initially a hair weaker at the start of the overnight session, but rallied gradually after that. The sharpest gains arrived at the 9:30am NYSE open, suggesting money manager reallocations and "new month" trades. ISM Manufacturing hit 30 minutes later and the first reaction was modest bounce toward slightly higher yields and slightly higher stock prices. Perhaps the most notable development is that stocks are back up to Friday morning's levels even as bonds remain 4-5bps lower compared to the same baseline.
Bonds Almost Able to Break Even Thanks to Tech
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Nov 02 | |||||
| 9:45AM | Oct S&P Global Manuf. PMI | Oct | 54.9 | 56 | 55.9 |
| 10:00AM | Oct ISM Manufacturing Employment | Oct | 52.4 | 52.7 | |
| 10:00AM | Sep Construction spending (%) | Sep | -1.9% | 0.4% | 0.9% |
| 10:00AM | Oct ISM Mfg Prices Paid | Oct | 75.2 | 77 | 77.9 |
| 10:00AM | Oct ISM Manufacturing PMI | Oct | 55.5 | 54.6 | 54.5 |
| 2:00PM | Loan Officer Survey | ||||
| Tuesday, Nov 03 | |||||
| 10:00AM | Sep Factory orders mm (%) | Sep | 1.2% | 0.1% | |
| 10:00AM | Nov IBD economic optimism | Nov | 46.2 | 46.8 | |
| 10:00AM | Sep JOLTs Job Quits (ml) | Sep | 3.066M | ||
| 10:00AM | Sep USA JOLTS Job Openings (ml) | Sep | 7.13M | 7.079M | |
| 11:30AM | 6-Week Bill Auction (%) | 3.950% | |||
| 2:00PM | Oct Total Vehicle Sales (ml) | Oct | 15.9M | 16M | |
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