Markets remain stable

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Published Date 12/27/2023

This morning little news. There are no key data points today and very little information the rest of the week. Tomorrow the weekly jobless claims won’t mean much, its claims for last week. November pending home sales tomorrow. Friday the December Chicago purchasing managers index.

Israel is stepping up its expanded ground offensive. Iran is stepping up its nuclear program. Houthis from Yemen continuing to attack ships in the Red Sea. The US continues to be attacked by Iran proxies. Israel’s top general, Herzi Halevi, said “the war will continue for many more months,” given the complexity of uprooting Hamas.

At 9:30 am the DJIA opened -52, NASDAQ +25, S&P -1. 10 year note at 9:30 am 3.84% -6 bps. FNMA 6.0 30 year coupon at 9:30 am +10 bps from yesterday’s close and +1 bp from 9:30 am yesterday. Correction: yesterday we mistakenly reported the S&P at a new high, it did not, the record high 4796 set in 2022, at 10 am this morning.

At 10 am December Richmond Fed manufacturing index, expected -6 from -5 in November, the index declined to -11.

At 1 pm Treasury will auction $58B of 5 year notes

Trading volume very low this week.

Source: TBWS

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