Quiet Morning Ahead of Beige Book, Treasury Budget, 10 Year Note Auction
Equities are pretty quiet overseas and the futures market at home is correspondingly dull.
No major data is being released this morning, giving investors what one economist from BMO called “a nice break in the action, particularly given the volatility in the markets on China’s tightening moves, concerns that India may be next, and on reports that the Obama Administration will impose a tax on the financial industry.”
Less than two hours before the opening bell, Dow futures were up 13 points to 10,601 and S&P 500 futures were up 2.80 points to 1,136.70.
The US dollar is lower compared to a strong pound and euro, and commodities are generally weak too. WTI Crude oil is down 79 cents to $80.00 per barrel but Spot Gold is up $5.43 to $1,133.93 per ounce.
At 7:00 this morning, the weekly report from the Mortgage Bankers Association said new mortgage applications grew 0.8% in the first week of January. The average rate for a 30-year mortgage slipped 5 basis points to 5.13%, helping the refinancings figure jump by 21.8%.
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