Wednesday data gives good yawn: Durable goods, mortgages
Nasdaq up ~0.1%, S&P and Dow slip
Cons disc leads S&P sector gainers; Industrials falls most
Euro STOXX 600 index off ~0.5%
Dollar, gold rise; crude, bitcoin down
U.S. 10-Year Treasury yield rises to ~4.65%
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WEDNESDAY DATA GIVES GOOD YAWN: DURABLE GOODS, MORTGAGES
Investors were unimpressed by Thursday's serving of flavorless data stew on Wednesday.
New orders for long-lasting U.S. goods USDGN=ECI - which includes everything from waffle irons to attack drones - increased by a healthy 2.6% in March, just to the north of the 2.5% consensus and a substantial acceleration from February's downwardly-revised 0.7% growth.
But excavating below the Commerce Department's robust topline, a 30.6% surge in commercial aircraft orders (here's looking at you, Boeing BA.N), along with a 10.6% jump in defense related capital goods were responsible for the upside beat.
Stripping transportation equipment, orders increased by a more lackadaisical 0.2%.
Calling the report "not so encouraging," Nationwide financial markets economist Oren Klachkin writes that it "dampens hope of an acceleration in equipment spending.
"This continues to be a soft spot in an otherwise strong economy," Klachkin adds. "What’s more, higher interest rates in recent weeks will likely dampen any tailwinds from persistently solid US growth and improving overseas demand."
Orders for so-called "core capital goods," USNDXA=ECI which exclude aircraft, and defense items - and is widely viewed as a barometer of U.S. corporate spending plans - inched 0.2%, half the pace of the prior month's 0.4% increase, also downwardly revised.
Moving over to the housing market, the cost of financing home loans heated up last week, causing a demand cool-down, according to the Mortgage Bankers Association (MBA).
The average 30-year fixed contract rate USMG=ECI gained 11 basis points to reach 7.24%, the highest level since late November.
The uptick "(Put) a damper on applications activity," writes Joel Kan, deputy chief economist at MBA. "The 30-year fixed rate increased for the third consecutive week to 7.24 percent, the highest since November 2023."
Would-be borrowers greeted this move with a lack of enthusiasm. Applications for loans to purchase homes USMGPI=ECI and refinance existing mortgages USMGR=ECI decreased by 1.0% and 5.6%, respectively.
"Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply," Kan adds.
Compared with the same week last year, purchase applications - considered among the more leading housing market indicators - are down 14.7%. Refi demand is up 3.3% over the same time period.
And the average 30-year fixed rate is 74 basis points hotter.
(Stephen Culp)
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FOR WEDNESDAY'S EARLIER LIVE MARKET POSTS:
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GOLD RUSH - CLICK HERE
SHARE BUYBACKS, THANK YOU! - CLICK HERE
BOJ INTERVENTION WARNINGS? NOT LOOKING CREDIBLE - CLICK HERE
BIG EARNINGS SWINGS - CLICK HERE
EUROPE EYES HIGHER START AS EARNINGS KICK INTO HIGH GEAR - CLICK HERE
YEN ON THE BRINK, BUT TESLA PULLS BACK - CLICK HERE
Durable goods https://reut.rs/3JAi7IY
Core capital goods https://reut.rs/3Qe2hYk
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