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.

President and First Lady Test Positive for COVID-19

The White House has announced that both President Trump and the First Lady have tested positive for the coronavirus. Equity markets are selling off in pre-opening trading while Treasury prices have risen slightly. The Ten-Year’s yield is around 66 basis points. Vice-President Pence has also been tested and his results

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Jobless Claims Dip as Inflation Rises

It’s Thursday morning and the BLS just announced that, for the week ending September 26th, 837k Initial Unemployment Claims were made. This is a little less than the 850k that were expected and a little less than the prior week’s 870k. Continuing Claims for the week ending September 19, fell

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ADP Jobs Count Beats Estimates

The ADP Private Payroll report for September was just released and the 749k jobs added outpaced the expected gain of 649k. Also, August’s tally of 428k was revised to 481k. Earlier, the Mortgage Bankers Association announced that, for the week ending September 25th, Mortgage Applications fell 4.8%. Markets seem little

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Consumer Confidence a Big Miss

Moments ago, the Conference Board reported its Consumer Confidence Index for this month and the results were startling. As analysts predicted a rise to 90 from an upwardly revised 86.3, this month’s index actually moved to 101.8. The Present Situation sub-index also made significant headway to 98.5 from 85.8 while

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Yesterday’s Euphoria Was Fleeting

Concerns over a viral rebound and uncertainty over the prospect of fiscal stimulus have erased yesterday’s big equity rally as investor sentiment turns more cautious. Treasury bonds have benefitted as a result, but not much. The Ten-Year’s yield has slipped just a bit to 65 basis points with the Long

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Improving Sentiment in Europe Sparks Equity Rally

Despite a growing second wave of viral infections bringing with it the potential for renewed lockdowns, improving business outlooks across the EU have sparked a pre-market rally in U.S. equities as Treasury bonds face a mild sell-off. Ten-Year Treasuries have slipped a handful of 32nds and that has pushed the

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Durable Goods Orders Not So Durable

The Census Bureau released its preliminary report for August Durable Goods Orders and the results were a little disappointing. Last month, those orders rose 0.4% against a forecast of a 1.5% rise and represented a big slowdown from July’s surge of an upwardly revised 11.7%. Without Transportation components, the rise

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Jobless Claims Disappoint Again

The announcement this morning by the BLS that, for the week ending September 19th, Initial Jobless Claims rise of 870k marks the 27th week in a row that tally has exceeded 800k. Analysts were looking for 840k and the prior week’s 860k was revised to 866k. Continuing Claims for the

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Gold Slides as Dollar Rallies

As gold continues to trade lower while the dollar continues to strengthen, equity markets are poised for a positive opening. This morning’s $16 dip in the price of gold has taken it below $1,900 to around $1,833/ounce. Treasuries are steady with the Ten-Year still loitering around 67 basis points. Earlier

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Stimulus, the Fed, and the Virus

Investors are weighing a variety of variables this morning as both credit and equity markets seek direction. The stalemate over what the next phase of fiscal stimulus might look like has become even more intransigent with the political environment seeming to become more unpredictable by the day. Treasury Secretary Mnuchin,

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Bonds Up On Chicago Fed Report

Just this morning, the Chicago Fed released its National Activity Index and the news was uninspiring. This 85-element diffusion index is a broad measure of nationwide economic activity across a wide spectrum of metrics and things appear to be less active. In August, the Index fell to 0.79 from 1.18

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Markets Await Report on Consumer Sentiment

Treasuries are set to begin their day with slightly higher prices as investors await the University of Michigan’s preliminary September report on Consumer Sentiment due out later this morning. That measure is expected to show some slight improvement. Earlier today, the Bureau of Economic Analysis reported that, in the second

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Mixed News on Jobless Claims and Housing

It’s Thursday morning and the BLS just announced that, for the week ending September 12th, Initial Jobless Claims rose 860k against an estimate of 850k, but less than the prior week’s upwardly revised 893k. Continuing Claims for the week ending September 5th fared a little better by falling to 12.63M

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Retail Sales Come in a Little Light

The Census Bureau’s report on Retail Sales in August was released this morning and the results were a little disappointing. Overall, Retail Sales grew 0.6% last month and that was a little shy of the 1% forecast. Also, July’s 1.2% gain was revised to just 0.9%. Without Autos, Sales grew

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More Manufacturing Measures from the Fed

The Federal Reserve just announced that, in August, the nation’s Industrial Production rose by a disappointing 0.4% versus an expectation of 1% growth. July’s rise of 3% was revised to 3.5%. Capacity Utilization, a measure of the economy’s manufacturing, mining, and utility output versus its potential, rose to 71.4%, as

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