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What to Watch: Claims, Home Sales, FED Barr VC Nom, 10Y TIPS

MARKET INSIGHT

FI trading stronger, follow through FI support from Wed while stocks continue to extend losses - but off late overnight lows (SPX emini futures ESM2 currently -30 at 3892.75). Supply shocks and operation costs still hitting large retailers: Kohl's -11.0% after earnings miss, profit guidance cut. Ross Stores (RSS) and Applied Materials (AMAT) annc after the close.

  • Economic data on tap at 0830ET
    • Initial Jobless Claims (203k, 200k)
    • Continuing Claims (1.343M, 1.320M)
    • Philadelphia Fed Business Outlook (17.6, 15.0); followed by:
    • Existing Home Sales (5.77M, 5.65M); MoM (-2.7%, -2.1%), 100ET
    • Leading Index (0.3%, 0.0%), 1000ET
  • Scheduled FED speakers:
    • Senate hearing: Barr VC Supervision nomination, 1000ET
    • MN Fed Kashkari discussion on inflation at 1600ET
  • US Tsy auctions:
    • US Tsy $35B 4W, $30B 8W bill auctions at 1130ET
    • US Tsy $14B 10Y TIPS auction re-open (91282CDX6) at 1300ET
  • Geopol risk: Nordic Leaders discuss 'Finland’s and Sweden’s NATO applications and European security' w US Pres Biden & VP Harris. Livestream presser: https://www.whitehouse.gov/live/
  • Oil Production Will Increase In May & June: Russian Deputy PM Alexander Novak has stated that Russian oil production will increase in May and continue to grow in June.

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