The Day Ahead: Jobless Claims, Pending Home Sales, Productivity
September 2, 2010 – 4:27 amPosted To: MBS Commentary
Interest rates are modestly higher this morning after equities closed nearly 3% higher Wednesday. Ninety minutes before the opening bell, S&P 500 futures are just below yesterday’s high at 1081.25 and the benchmark 10-year Treasury note is -0-04 at 100-09 yielding 2.593% (+1.3%). The October delivery FNCL 4.0 is -0-02 at 102-27. A busy economics calendar carries the potential to shift market sentiment in the day ahead. At 8:30, initial jobless claims are anticipated to rise 2k to show that 475,000 Americans filed for first-time unemployment benefits in the final week of August. The labor news comes one day before the official monthly numbers are released. The report should give further context to yesterday’s mixed data ― the ADP report showed 10k private jobs disappeared in the month…(read more)