Remember when the market cared about the Trade Deficit? The once important report failed to move the needle yesterday.
All was quiet in the market yesterday. The $85 billion in U.S. spending cuts are set to begin today, which could move the market.
Reports showed the euro-area economy shrank .6 percent in the final months of 2012. That is the worst performance in almost four years, as output slumped in its three largest economies.
With no economic releases on the docket this morning, the market will be focused on the $32 billion Treasury action as well as President Obama’s State of the Union address tonight.
Treasury 10-year notes declined for the first time in four days as the U.S. prepared to auction $72 billion in coupon-bearing securities this week.
Treasuries and mortgage backed securities both rallied this morning following the jobless claims reports.
The U.S. economy continues to improve despite increased unemployment rates in January.
News of increased manufacturing orders in December due today may boost consumer confidence and improve stock market yields.
The market is fairly flat this morning ahead of the consumer confidence report and the five-year auction. The consumer confidence report is expected to show another decline for a third month in a row.
It’s earnings time, and mortgage income is helping the big banks out like Wells, Chase, Morgan Stanley and even Bank of America. GE released earnings yesterday that beat estimates.