Cyber Monday…

  • December 2, 2013

cybermondaytoonUnlike the lines at retailers this weekend, investors weren’t lined up waiting for the bond market to open. How do we get in on that Cyber Monday action?

The market opened down this morning, after stronger than expected manufacturing data was released in Europe.

  • Shortly after the opening bell, ISM manufacturing data and the Purchasing Managers Index both performed better than forecasted, exacerbating the selloff.
  • Construction spending fell .3% in September and rose .8% in October. This data was released simultaneously due to the government shutdown. September’s downward revision made the recent upward trend more modest.
  • Fannie 3.5s lost approximately half a point, which means the cost of mortgage rates increased today.

Significant amounts of economic data are on the calendar this week, all of which have the potential to move the market. Tomorrow is quiet but Wednesday is the big day with ADP Employment Report scheduled to be released. GDP, Initial Jobless Claims, and Factory Orders are released on Thursday. We will wrap up the week with the Employment Situation report on Friday.

-By Lindsey Fediuk, Quicken Loans Capital Markets Analyst

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