Morning Market Update - 02.11.2021
Good Morning Everyone and Happy Thursday! I’m not going to be able to visit with you for very long this morning. Stocks are holding their own so far this morning, but no real definite move one way or the other. The Dow is lower by 38 points. The NASDAQ is up 52 points. The S&P 500 is up 3. Gold prices are lower by 6 bucks an ounce and Oil prices are lower by 12 cents a barrel. The yield on the 10 year note is up less than 1 bps from yesterday’s close – currently at 1.158% as of this writing.
Markets are calm after Federal Reserve Chairman Jerome Powell said yesterday that the central bank will not tighten policy until a robust economic recovery has taken place and the labor market rebound extends across a broad cross-section of the population. This is today’s answer to whether or not rates will go up in the near future. From the answer above, doesn’t look likely any time soon – like we should be good til at least Christmas and possibly through next year’s Christmas too. The lone economic report of the morning is the number of Americans filing for new unemployment claims which came in at 793,000 – slightly above expectations, but lower than the previous week’s upwardly revised number of 812,000.
I’m in the office most of the day today, but will be out of the office for a few hours in the middle of the day to attend Men with a Purpose at the Pinery downtown. Otherwise, I’ll be here if you need me. Please reach out to me by phone or email here at the office if I can help you out in any way. Have a terrific Thursday!
Kevin D. Stevenson