Treasuries Extend Losses On GDP Data
Today’s big economic
news came in the form of third quarter GDP. The Commerce Department
reported that Gross Domestic Product grew at an annual rate of 3.8% in the
July-to-September quarter. This was an acceleration from the 3.3% growth rate
shown during the previous 3-month period (more).
The news helped spark a rally in stock futures
and the US Dollar Index. However, Treasuries extended their move lower. The
10-yr T-Note recorded its biggest 1-week decline since March as yields continued
to move higher. The 2-Yr Note hit its lowest level since May 2001.
In politics, Special counsel Patrick Fitzgerald
made his highly anticipated announcement related to the CIA investigation on
Friday, saying that the vice president’s chief of staff, I. Lewis “Scooter”
Libby Jr. has been indicted (full
story).
A number of energy/energy related companies
reported earnings today including Chevron
(
CVX |
Quote |
Chart |
News |
PowerRating) (report),
Anadarko Petroleum
(
APC |
Quote |
Chart |
News |
PowerRating) (report)
and Baker Hughes
(
BHI |
Quote |
Chart |
News |
PowerRating) (report).
Chevron’s earnings were boosted by the acquisition of Unocal and robust
performance of international exploration and production more than offset the
reduced production following the Hurricanes.
Energy futures closed the week mixed, Crude Oil
and Unleaded Gasoline closed higher, Heating Oil and Natural Gas closed lower.
In the softs, Cocoa fell sharply on concerns that
war is imminent in the Ivory Coast.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 61.22 | +0.13 |
+0.21 |
| Heating Oil (HO) | 189.69 | -0.44 |
-0.23 |
| Unleaded Gas (HU) | 166.56 | +3.89 |
+2.39 |
| Natural Gas (NG) | 13.05 | -0.63 |
-4.63 |
|
Metals |
|||
| Gold (GC) | 474.80 | -0.80 |
-0.17 |
| Silver (SI) | 782.50 | -1.50 |
-0.19 |
| Copper (HG) | 182.00 | +1.60 |
+0.89 |
|
Grains |
|||
|
Corn (C) |
197.00 | +0.75 |
+0.38 |
| Wheat (W) | 317.75 | -5.25 |
-1.63 |
| Soybeans (S) | 577.50 | -6.00 |
-1.03 |
|
Softs |
|||
| Sugar (SB) | 11.61 | -0.17 |
-1.44 |
| Coffee (KC) | 98.35 | -1.80 |
-1.80 |
| Cocoa (CC) | 1382.00 | -33.00 |
-2.33 |
| Frozen Orange Juice (JO) | 118.80 | +0.95 |
+0.81 |
| Cotton (CT) | 52.52 | +0.39 |
+0.75 |
| Lumber (LB) | 304.90 | +0.50 |
+0.16 |
|
Livestock |
|||
| Lean Hogs (LH) | 60.95 | +1.50 |
+2.52 |
| Live Cattle (LC) | 91.30 | +0.95 |
+1.05 |
Economic News
Gross Domestic Product:
Real GDP – Actual 3.8% Consensus 3.8%
GDP Deflator – Actual 3.1% Consensus 3.0%
University of Michigan Consumer Sentiment:
Sentiment Index – Actual 74.2 Consensus 76.0
Ashton Dorkins