|Day's Range||0.6580 - 0.6850|
|52 Week Range||0.3980 - 2.1840|
Stocks fell Friday morning, extending losses from the regular session Thursday as investors eyed renewed tensions between the U.S. and China.
Federal Reserve Chairman Jerome Powell says he is "comfortable" with the central bank’s unprecedented reaction to the economic shock from the COVID-19 crisis.
Researchers suggest foreign investors and central banks selling their stockpile of U.S. bonds to source greenbacks, among other reasons, may have made it difficult for Treasurys to change hands seamlessly in March.
A measure of business conditions in the Chicago region slumped to 32.3 in Ma from 35.4 in April, according to a report on CNBC. Any reading below 50 indicates worsening conditions. The Chicago PMI is the last of the regional manufacturing indices before the national ISM data is released on Monday.
Consumer spending in the U.S. fell 13.6% in April, the government reported Friday. Economists polled by MarketWatch had expected a 13% decrease, compared with an original estimate of 7.5% decline in March. On Friday the Commerce Department revised consumer spending in March to an decrease of 6.9%. Meanwhile, personal income rose 10.5% in April, boosted by government payments. Economists had expected an decrease of 2.1%, compared with an originally reported decline of 2% in March. On Friday, the government revised March's decline for personal income to 2.2%. Inflation, as measured by an index for personal consumption expenditures, fell 0.5% last month. The core inflation index, which excludes food and energy, was down 0.4%. Over the past 12 months, the broad PCE index rose 0.5%, down from 1.3% in March, while the core gauge grew 1%, down from 1.7% in the prior month.
Treasury yields fall Friday as traders steel themselves for a news conference from President Donald Trump on China, raising concerns he may use it as a platform to inflame existing tensions between the two largest economies in the world.
The Federal Reserve's balance sheet rose marginally to $7.1 trillion as of Wednesday, up from $7.04 trillion last week. A large chunk of that growth came from a $33 billion increase in the central bank's emergency lending programs aimed at buying corporate bonds. But that increase in the lending facilities reflects the Treasury Department's equity contributions. Taking that into account, the facilities only saw a $1.2 billion increase in buying of corporate debt exchange-traded funds.
Treasury yields edged up on Thursday as analysts suggested a raft of U.S. data was not as bad as anticipated, offering modest relief to investors looking for signs that the economy was on the mend.
The numbers: The index of pending home sales dropped 21.8% in April compared to March as the coronavirus pandemic kept prospective home-buyers out of the market, the National Association of Realtors reported Thursday. Compared with a year ago, pending home sales were down 33.8%. Overall, it was the largest decline since the National Association of Realtors began tracking this data in 2001.
The Labor Department said 2.12 million unemployed Americans applied for state unemployment benefits in the week ended May 23, the Labor Department said Thursday. That's down from 2.4 million in the prior week. The increase was in line with economists surveyed by MarketWatch. A new federal relief program for self-employed and so-called "gig" workers like Uber drivers, totaled 1.2 million last week. The number of people already collecting economic benefits, known as continuing claims, fell 3.86 million to 21.05 million. These claims are reported with a one-week lag.
China's move to tighten its grip on Hong Kong is likely to provoke a reaction from the White House, but stocks are holding onto early gains ahead of first quarter GDP data at 8:30 am Eastern time.
The annual stress tests will be different this year, as the Fed incorporates fallout from the coronavirus crisis in its analysis.
U.S. Treasury yields retreated from their highs on Wednesday after a senior Federal Reserve official talked up the possibility of implementing yield-curve control measures in the U.S.
Consumer sentiment rose to a final May reading of 72.3 from a final April level of 71.8, according to reports on the University of Michigan gauge released Friday. A preliminary April reading estimated sentiment at 73.7, and economists polled by MarketWatch had expected no change in the final reading. Economists follow readings on confidence to look for clues about consumer spending, the backbone of the economy. For context, the consumer-sentiment gauge stood at 101 in February just as the coronavirus was starting to spread.
We’re no longer in the high-interest-rate, industrial-heavy economy of the 20th century, and that means higher valuations are possible.
The U.S. economy contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data show. A downward revision to inventory investment mostly accounted for the downward revision, the Commerce Department said. Looking ahead, economists surveyed by MarketWatch predict GDP will plunge at a 27.7% annual rate as people stayed home to try to stem the spread of the coronavirus.
Mark Zandi, Moody's Analytics Chief Economist, joined Yahoo Finance's Myles Udland, Seana Smith, Dan Roberts, and Melody Hahm to discuss what the economy will look like as businesses begin to reopen and what the shape of recovery may look like.
Liz Ann Sonders, Charles Schwab Chief Investment Strategist, joined Yahoo Finance's Myles Udland, Seana Smith, Dan Roberts, and Melody Hahm to discuss her outlook for the U.S. economy.
Seema Shah, Principal Global Investors Chief Strategist, joins Yahoo Finance's Alexis Christoforous and Brian Sozzi to discuss what she has her eye on around Wednesday's opening bell.
The S&P; 500 is looking to hold its first close past the 3,000 point mark since March 5 as global stocks continue to rally on hopes of an end to the coronavirus pandemic.
* Optimism about economic recoveries overshadowed US-China tensions. * U.S. President's advisor Kudlow said the trade deal with China is intact, for now. * EUR/USD is bullish in the short-term, but speculative interest hesitating ahead of 1.1000.The EUR/USD pair flirted with the 1.1000 level this Tuesday, as risk-appetite took over the financial world. News that a U.S. biotech firm is starting human tests of a new COVID-19 vaccine coupled with economic reopenings boosted hopes of economic recoveries. After a long weekend, stocks returned with a vengeance posting substantial gains throughout the different sessions. Mounting optimism also lifted U.S. Treasury yields, with the yield on the benchmark 10-year Treasury note reaching an intraday high of 0.71%.Tensions between the U.S. and China persist but were temporarily set aside. Trump's advisor Kudlow said that the President is not concerned about the trade deal that's intact for the moment. He added that Trump's main concerns are more related to China's responsibility on the coronavirus spread and Hong Kong.Germany released the June GFK Consumer Confidence Survey, which came in at -18.9 as expected. The U.S. published the Chicago Fed National Activity Index, which came down to -16.74 in April from -4.97 in March. More relevant, the CB Consumer Confidence edged higher to 86.6 in May from 85.7 in April, missing the market's expectations. The U.S. will release the Richmond Fed Manufacturing Index for May.EUR/USD Short-Term Technical Outlook The EUR/USD pair holds on to its intraday gains but was once again unable to storm through the 1.1000 figure, somehow indicating that bulls are not fully convinced. In the short-term, and according to the 4-hour chart, chances are skewed to the upside, as the pair continued to advance after breaking above its 20 SMA. The Momentum indicator keeps heading north well into positive ground, while the RSI indicator has lost its strength, but stands around 68. The pair would need to break above last week's high at 1.1008 to become more attractive for bulls and be able to extend its advance.Support levels: 1.0960 1.0925 1.0890Resistance levels: 1.1010 1.1050 1.1090See more from Benzinga * AUD/USD Forecast: Retains Its Bullish Stance In The Short-Term * EUR/USD Forecast: Continues To Post Higher Highs Daily Basis * AUD/USD Forecast: Losing Its Bullish Momentum But No Signs Of An Upcoming Slide(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. Treasury yields rise Tuesday as global stock-markets take on an upbeat tone at the start of the U.S. holiday-shortened week amid signs that more economies were on the path to easing lockdown measures and restarting growth.
Treasury yields have been stuck near all-time lows ahead of the Fed’s new Main Street Lending Program that is supposed to roll out by the end of this week. Guy Benstead, portfolio manager at Shelton Capital Management joins Yahoo Finance's Brian Sozzi and Alexis Christoforous to discuss.