Market Moment

The Baker Market Moment is your way to stay on top of the latest in economic events and market-moving news. Whether it’s the latest news from the Fed or the latest number from Wall Street, the Baker Market Moment is where you can find it.

Mixed News for Housing

Early this morning, the Mortgage Bankers Association announced that, for the week ending November 13th, Mortgage Applications fell 0.3% following the prior week’s slip of 0.5%. Also today, the Census Bureau reported that Housing Starts rose by a higher-than-expected 4.9% in October as September’s 1.9% gain was revised to a

View

Retail Sales Come in a Little Light

The Census Bureau announced this morning that Retail Sales in October grew 0.3% disappointing analysts looking for 0.5%. September’s growth of 1.9% was revised to 1.6%. Without Autos, Sales grew by 0.2% versus an estimate of 0.6%. The prior month’s 1.5% was revised to 1.2%. Core Retail Sales, without food

View

Markets Moving on More Vaccine News

Earlier today, Moderna announced that results of clinical trials for its COVID-19 vaccine have proven to be 94.5% effective. Company officials are hopeful that regulatory approval could come in the coming weeks. Similar to last Monday’s announcement by Pfizer, this morning’s news has equity markets poised to open substantially higher

View

Producer Prices do Little to Move the Inflation Needle

The Bureau of Labor Statistics announced this morning that, in October, the Producer Price Index rose by 0.3% and that was higher than the 0.2% that was expected, but less than September’s rise of 0.4%. Without food and energy, core PPI rose by 0.1%, falling just short of the expected

View

Jobless Claims Fall Along With Inflation

The Bureau of Labor Statistics announced this morning that, for the week ending November 7th, Initial Jobless Claims totaled 709k versus an expected total of 731k. The prior week’s 751k was revised to 757k. Continuing Claims for the week ending October 31st came in at 6.79M versus an expected 6.83M.

View

Treasury Bonds Continue Their Slide

Investors who awakened to higher Treasury yields yesterday can do it again today. In early trading, yesterday’s sell-off continues as the Ten-Year’s yield moves up a bit more to 95 basis points; ditto for the Long Bond at 1.73%. The Treasury will be coming to market with $41B Ten-Year notes

View

Bonds Fade on Vaccine News

An announcement by Pfizer and BioNTech that recent clinical trials have shown its vaccine to be extremely effective in preventing COVID-19 infections has roiled markets this morning. DJIA futures are up over 1,400 points as Treasury bonds reel. The sell-off has boosted the Ten-Year’s yield to 91 basis points off

View

Good News on Jobs

The Bureau of Labor Statistics just released its Unemployment Report for last month and the news was mostly good. Non-Farm Payrolls rose by 638k and that beat estimates of 580k. September’s rise was revised to 672k from 661k. The Unemployment Rate plunged to 6.9% from 7.9% versus expectations of a

View

The Counting Continues for Jobless Claims

Just out from the BLS, Initial Jobless Claims for the week ending October 31st came to 751k, and that was more than the 735k predicted by analysts, but less than the prior week’s slightly revised 758k. Continuing Claims for the week ending October 24th fell to 7.29M from the prior

View

Election Day!

Yes, the big day is finally here and everyone’s attention, including that of investors and market participants, is clearly focused on how, and when, that may play out. Apart from the eventual outcome, concerns surrounding possible delays in arriving at that outcome have given financial markets the jitters for weeks.

View

Bonds and Equities Rally Together

With no data scheduled for release until later this morning, Treasury and equity markets are both starting the week trying to regain some lost ground. In early trading, Ten-Year Treasuries are up about a quarter-point and that has pushed the yield down to around 84 basis points while the Long

View

Income and Spending Rise Amid Tame Inflation

The Bureau of Economic Analysis reported this morning that, in September, Personal Income rose by 0.9% beating estimates of 0.4% and reversing the prior month’s swoon of 2.5%. Personal Spending rose by 1.4% and that beat the 1% that was forecast and also outperformed the prior month’s 1% rise. Inflation-adjusted

View

Durable Goods Orders Beat Estimates

In this morning’s preliminary report for September, the Census Bureau announced that Durable Goods Orders rose 1.9% against an expected rise of just 0.5%. Without Transportation, the gain was 0.8% versus the expectation of a 0.4% rise. Also contained in the report was the news that core Capital Goods orders

View

Stimulus Hopes Fade While Bonds Rally

The lack of any over-the-weekend progress on Congressional stimulus negotiations has made it look unlikely that any new measures will be forthcoming before next week’s Presidential election. As equity markets lament that prospect, the Treasury market is enjoying an early morning rally. The yield on the Ten-Year is down slightly

View

Pre-Election Stimulus Deal Looks Unlikely

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are reportedly still trying to hammer out a fiscal stimulus package that could be put to a vote before election day, but that prospect appears more and more unlikely. Treasury prices are little changed in early trading with the Ten-Year yielding

View