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Recent Economic Commentary
Brandon Casey, VP, Member Strategies - 10/27/2021
U.S. stocks inched higher Wednesday morning as investors continue to monitor corporate earnings. Both the S&P 500 and DJIA closed at record highs yesterday as earnings remain strong. Thus far, 30% of S&P companies have reported earnings and over 80% have exceeded earnings and/or revenue estimates.
Looking at economic data today, durable goods orders fell 0.4% in the preliminary September report. The decline was less than expected, though it was the first drop in orders since April. Core capital goods orders, which closely resemble business investment for GDP, rose 0.8% for the month, the seventh straight increase.
Elsewhere, MBA mortgage applications edged 0.3% higher last week. Purchase activity increased 4%, while refinance activity fell 2%. The report showed that the average interest rate of a conforming 30-year mortgage increased seven basis points to 3.30%, the highest level in eight months.
U.S. Treasury yields are flatter this morning, with the 2-year Treasury yield up 2.5 basis points to 0.51%, the 5-year Treasury yield up 0.5 basis points to 1.19% and the 10-year Treasury yield down 4.3 basis points to 1.58%. Advance rates are mostly unchanged today.