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 rose by 1% in a surprise to analysts looking for just 0.5%. A little later today, we’ll be getting housing news through a new FHFA House Price Index report along with the Case-Shiller CoreLogic price report.

Bond prices are up in early trading with the Ten-Year’s yield down to around 78 basis points while the Long Bond rests at 1.57%. The Two-Year is little changed at 15 basis points. Crude oil is still struggling at $38.78 while gold is unchanged so far at $1,902. Equity markets, dismayed yesterday by the lack of stimulus progress and rising numbers of viral infections, seem to have shrugged off those concerns and are poised to open well in the green.