stock market morning report

Markets Turn Bullish: Chicago PMI & Pending Homes Sales Preview (INDEXSP: .INX)

The S&P 500 is currently up 1.11 points and slightly bullish this morning as the $600 stimulus bill vs the $2000 bill is passed. Stocks ended a three day rally and more fresh record highs, succumbing to profit taking late in the day amid disappointment that the $2000 check to individuals was blocked.

The NASDAQ closed with a -0.38% loss, with the Dow and S&P 500 -0.22% lower. Treasuries ended with small losses but were off their cheapest levels. The 30- and 10-year yields were just over 1 bp higher at 1.674% and 0.935%, respectively. There’s little left to be done into year end, which is likely to leave the markets range bound.

  • U.S. calendar has S&P Case Shiller home prices, weekly chain store sales
  • Canada data calendar pretty empty for the rest of the week
  • Pound up as EU-UK deal, plus the 62 other UK-global deals, are digested
  • DXY dollar index posted a 32-mth low, and EUR-USD a 32-mth high
  • European stock markets have moved sideways, EGBs declined
  • Asian markets traded mixed in thin holiday conditions
  • Wall Street dipped as prospects for $2k checks faded; yields off highs

Today’s data slate remains thin. On tap are the November advance goods trade report, which is expected to see the deficit widen to $81.0 bln from $80.4 bln. Advance November wholesale and retail inventories are also slated. The December Chicago PMI is penciled in dipping to 57.0 from 58.2, while the November pending home sale index is seen steady at 128.9. Weekly MBA mortgage and oil inventory figures are also due.

01:57 ET U.S. Chicago PMI Preview

: we expect the index to slip further to 57.0 in December after dropping -2.9 points to 58.2 in November. This would be a third straight monthly drop. Most of the regional PMIs have declined on the month amid the surge in virus cases and increasingly stringent lockdowns. The index was at 48.2 a year ago.

01:57 ET U.S. Pending Home Sales Preview

Sales are projected unchanged in November at 128.9, after falling -1.1% in October from 130.3 in September. The index surged 8.8% to a record high of 132.9 in August and followed shortly after dropping -21.8% in April to an all-time low of 69.0. The index was at 108.0 a year ago.
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