Monday, May 3, 2004
Issue Contents:
| 23:08 | The Day Ahead U.S. Market Calendar |
| 23:30 | Economic Data Summary of Today's Releases |
| 23:31 | Stock Watch Lists Most Actives and Volume Surges |
Monday, May 3
The big deal this week is Tuesday's FOMC meeting. It's funny to read the newspapers, how they've gone from "no inflation" and no rate hikes for "a considerable time" to tonight's WSJ headline, "Investors Brace for Rate Rise". The bond market has been such a beautiful example of the sentiment cycle playing itself out.
On Thursday, we have rate announcements from the Bank of England and the European Central Bank. On Friday, we have the monthly employment situation numbers.
- 10:00AM Constructions Spending
- 10:00AM ISM Manufacturing Index
- 11:00AM 4-Week Treasury Bill Announcement
- 1:00PM 6-Month Treasury Bill Auction
- 1:00PM 3-Month Treasury Bill Auction
- 4:00PM Motor Vehicle Sales
For earnings highlights, please see today's WSJ Earnings Calendar. For a list of speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website.
Construction Spending +1.5%
(Econoday.com) - Construction expenditures increased 1.5 percent in March after an upward revised gain of 0.4 percent in February. The rise was higher than expected but may not be friendly news for the equity market or bad news for the bond market since the gains were concentrated in the public sector.
ISM Manufacturing Index 62.4%
(Econoday.com) - The ISM manufacturing index inched down one tick to 62.4 percent in April after increasing in March to 62.5. The index level was somewhat lower than expected because market players got excited after last week's spurt in the NAPM-Chicago index. The often move in the same direction, but not each and every month.
6-Month Bill Treasury Rate 1.175%
(Econoday.com) - Bill rates have stabilized a bit after two weeks of sharp rises. The high rate for Monday's 6-month auction came in at 1.175 percent, up 1 basis point from last week. The bid-to-cover for the $15 billion auction was a moderate 2.11 vs. 2.10 for last week's $14 billion offering.
3-Month Bill Treasury Rate 0.985%
(Econoday.com) - Bill rates have stabilized a bit after two weeks of sharp rises. The high rate for Monday's 3-month bill auction came in at 0.985 percent, up 1.5 basis points from last week. The bid-to-cover for the $18 billion auction was a weak 1.79 vs. 1.96 for last week's $17 billion offering.
Here are the most active list and the volume surge list.