Markets return to business with a data filled week

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Published Date 12/2/2024

Last Friday the 10 year note fell 9 bps to 4.17%, the 2 year note -8 bp. Since last Wednesday, the 10 year note has declined 15 bps, the 2 year down 9 bps. This morning a little back up ahead of key data through the week culminating with November employment on Friday.

At 9:30 am ET the DJIA opened +79, NASDAQ +75, S&P +13. The 10 year at 9:30 am 4.23% +6 bp. FNMA 6.0 30 year coupon at 9:30 am -8 bps from Friday’s close and -8 bp from 9:30 am Friday.

At 9:45 am November PMI manufacturing index expected at 48.8 increased to 49.7.

At 10 am November ISM manufacturing index expected at 47.6 increased to 48.4 and up from 46.5 in October.

A slight pullback this morning but our technicals still holding well.

This Week’s Economic Calendar:

• Monday:

November PMI manufacturing (48.8 from 48.5 in October)

November ISM manufacturing (47.6 from 56.5)

October construction spending (+0.2% from +0.1%).

• Tuesday:

October JOLTS job openings (7.490 million from 7.443 million).

• Wednesday:

Weekly MBA mortgage applications

November ADP private jobs (165K from 233k in October)

November ISM services sector index (55.5 from 56.0)

1:45 pm Jerome Powell

2 pm Fed Beige Book.

• Thursday:

Weekly jobless claims (215K from 212K)

• Friday:

November employment data (unemployment rate 4.2% from 4.1%

NFP jobs 200K from 12K, private jobs 200K from -28K, average hourly earnings +0.3% from 0.4%, year/year 3.9% from 4.0%

University of Michigan December preliminary (73.0 from 71.8)

October consumer credit (+10.0B from +6.0B).

Source: TBWS

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