Renewed concerns over a viral resurgence has investors worried about the negative impact a possible slowdown in reopening plans might have on the nation’s economic recovery. Based on overnight trading, domestic equity markets will likely start their day in the red while the Treasury market seems to be looking for direction. The Ten-Year’s yield is little changed from yesterday’s close at around 72 basis points.
Earlier this morning, the Mortgage Bankers Association reported that Mortgage Applications fell 8.7% for the week ending June 19th and a little later, the FHFA is expected to report that its House Price Index rose 0.3% in April. A more timely report from the International Monetary Fund related to its World Economic Outlook is also scheduled for release this morning.
Crude oil has slipped a bit to around $39.50 while gold continues its run with another $6 move this morning to around $1,775. Gold closed yesterday at its highest price since October 2012.