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Weekly Market View

Weekly Market View

Tuesday, February 19, 2019

THE WEEK THAT WAS

February 11: The number of job openings in the monthly Job Openings and Labor Turnover Survey (JOLTS) came in at a record high for December at 7.335 million, up from a revised 7.166 million. This number continues to be well above the 6 million number of unemployed workers in the U.S. and points to a continued strong labor market. One component of the JOLTS report showed the median wage growth for workers jumping to new jobs increased by 4.6 percent, the highest since October 2007.

February 12: U.S. equities rose sharply on Tuesday as President Donald Trump indicated he may extend the March 1 tariff increase deadline with China as talks seemed to be going well. It also looked like President Trump will sign the bipartisan wall funding deal, although he was dissatisfied with it and may still try to find more government funds for the wall.

February 13: NASA declared its Rover Opportunity dead after 15 years on Mars. The golf cart-sized, solar-powered robot went silent about eight months ago. It had traveled more than 28 miles on the Martian surface – more than any vehicle or robot has traveled on the surface of another world.

February 14: Retail sales for December shocked investors this morning after the U.S. Commerce Department released data showing a drop of -1.2 percent. It was the worst showing since 2009 and missed forecasts by a wide margin. Economic Advisor Larry Kudlow said the government shutdown may have played a role, but equities plunged, and bond prices soared after the report came out. As a result, the Federal Reserve of Atlanta lowered its fourth quarter U.S. gross domestic product estimate to only +1.5 percent.

February 15: Mortgage Bankers Association (MBA) reported mortgage delinquencies in the fourth quarter were at their lowest levels in nearly 19 years. Wage growth, low household debt and low unemployment contributed to the slowdown of mortgage delinquency rate increases. This trend is seen across all loan types: Federal Housing Administration, Total, Veterans Affairs, Conventional and 30-Day.

Banking & Economic News

Trump Spent $50K on Golf Simulator for White House
Learn more (February 13, 2019; cnn.com)

Judge Voids Paul Manafort Plea Deal, Says He ‘Intentionally’ Lied to FBI, Special Counsel and Grand Jury
Learn more (February 13, 2019; cnn.com)

Airbus Pulls the Plug on the Largest Passenger Plane
Learn more (February 14, 2019; cnn.com)

Analysts Are Questioning the Latest Retail Sales Figures
Learn more (February 14, 2019; bloomberg.com)

U.S. – China Trade Teams Far Apart on Reform Demands
Learn more (February 14, 2019; bloomberg.com)

Coke Drops Most Since 2008 Amid Tough Outlook
Learn more (February 14, 2019; bloomberg.com)

 

THE WEEK TO COME

February 18 (All times are CT)
  • Presidents Day – Market Closed
February 19
  • National Association of Home Builders Housing Market Index at 9:00 a.m.
February 20
  • Mortgage Bankers Association Mortgage Applications at 6:00 a.m.
  • Federal Open Market Committee Meeting Minutes at 1:00 p.m.
February 21
  • Bloomberg Consumer Comfort at 8:45 a.m.
  • Continuing Claims at 7:30 a.m.
  • Initial Jobless Claims at 7:30 a.m.
  • Federal Reserve of Philadelphia Business Outlook at 7:30 a.m.
  • Durable Goods Orders at 7:30 a.m.
  • Durables Ex Transportation at 7:30 a.m.
  • Cap Goods Orders at 7:30 a.m.
  • Bloomberg Economic Expectations at 8:45 a.m.
  • Leading Index at 9:00 a.m.
  • Existing Home Sales at 9:00 a.m.
February 22
  • No Economic Data

 

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