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Stocks Dip on Earnings, Much Data Ahead
US equities are looking to open lower after an earnings report from Bank of America missed the mark this morning. On the week the S&P 500 remains up 2.8%.rnrnBank of America, the nation’s largest lender, showed a Q3 loss per share of $0.26, against calls for a $0.21 shortfall. Revenue was $26.04 billion, compared to the Street’s$ 27.65 billion forecast.
Fed Continues to Slow MBS Purchases
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the four trading days between October 8 and October 14, the Federal Reserve purchased a total of $21.42 billion agency MBS. In those four days the Federal Reserve sold a total of $5.32 billion agency MBS with almost all the sales coming in Fannie Mae 5.5 MBS coupons. After sales, the Fed's weekly net purchases were $16.1 billion.
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