Markets Mixed Near 10-Week Low
Yesterday’s decline pushed stock markets to a 10-week low, at the open today all three major indexes are flat to slightly improved from Tuesday’s close.
The day ahead is a light one, but markets will be active as investors continue to ponder the prospects for recovery, a topic one central bank official may tackle in a speech this afternoon.
Not a Time to Be Crude: Oil is once again in the headlines as prices continue to fall. Since late June prices have dropped 15%, and in London markets today ICE futures were down more than 30 cents t0 $62.39 per barrel.
Google Takes on Microsoft: In the headlines this morning is news from Google will be launching Chrome, a new web browser, sometime in 2010, a move that could hurt Microsoft’s dominance in the internet-browser wars. Before the bell Google shares are up 0.6% while Microsoft is trading 0.5% lower.
Light Data: No macroeconomic data is scheduled for this morning but at 3pm markets will receive the Consumer Credit report for May. Outstanding credit is expected to contract for the fourth straight month, this time by $7.5 billion, following a $15.7 contraction in April.
FedSpeak: Charles Evans, president of the Chicago Fed, speaks at 12:55 on “Nontraditional Monetary Policy and the Economic Outlook” to the St. Joseph Chamber of Commerce in South Bend, Indiana.
Mortgage Apps Up: Earlier today the MBA said mortgage applications jumped close to 11% in the four-day week before the holiday, even as the average 30-year mortgage rate remained at 5.34%.
10 yr Treasury Note Auction: At 1pm the Treasury Department will auction $19 billion 10 year notes. Bond market participants and mortgage rate watchers will be paying close attention to this auction for an indication of rates to come. The Mortgage News Daily MBS Commentary blog will cover in full detail.
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