What to Watch: Data Picks Up, Equity Earnings Surge

FI markets trading firmer, 30Y bond futures nearing Mon highs - April 14 levels (USM2 +24 at 142-09; 30YY slips to 2.8595 low). Yield curves near steady, 2s10s +.181 at 18.956, 5s30s still inverted at -3.862 (+0.597).

• Data on tap (prior, est):
  • Durable Goods Orders (-2.1%, 1.0%); ex-trans (-0.6%, 0.5%) at 0830ET
  • Cap Goods Orders Nondef Ex Air (-0.2%, 0.4%); Ship (0.3%, 0.5%), 0830ET
  • FHFA House Price Index MoM (1.6%, 1.5%), 0900ET
  • S&P CoreLogic CS 20-City MoM SA (1.79%, 1.50%), 0900ET
  • Conf. Board Consumer Confidence (107.2, 108.2), 1000ET
  • Richmond Fed Manufact. Index (13, 9), 1000ET
  • New Home Sales (772k, 765k); MoM -2.0%, -0.9%), 1000ET
• Treasury supply:
  • US Tsy $48B 2Y Note auction (91282CEK3)
  • Wednesday auctions continue with $24B 2Y FRN and $49B 5Y Notes
• No Fed speakers with Fed in Blackout through May 5, day after next FOMC policy annc.
• Stocks weaker: SPX eminis scaling back modest carry-over overnight bid following late Mon' bounce on Musk/Twitter buyout acceptance. Earnings resume, heaviest release schedule so far: ARCH, ADM, MMM, GE, WM, PEP beating ests this morning. After the close: GM, GOOGL, MSFT, TXN, V.
• Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets. Pentagon spox John Kirby on CNN: "We want Russia not to be able to threaten their neighbors again in the future". US watching events in Moldova and the breakaway region of Transnistria closely, but that it is too soon to comment on the reported explosions in the Transnistrian capital Tiraspol.