Grand Rapids Mortgage Company

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Equity futures are pointing higher this morning after Goldman Sachs clobbered earnings expectations for the first quarter. The controversial Wall Street titan posted quarterly revenue of $12.78 billion, a 36% increase from Q109 and against estimates of $11.07 billion. Earnings per share were $5.59 versus expectations of $4.01, reflecting a 91% advance from Q109. “Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise,” said Lloyd Blankfein, chairman and CEO. Dow futures are up 21 points to 11,065 and S&P 500 futures are up 5.00 points to 1,200.50. The 2 year Treasury note is -0-01 at 99-31 yielding 1.012% and the 10 year note is -0-05 at 98-13 yielding 3.821%. Meanwhile, WTI crude oil is $1.12 higher at…(read more)

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US equities have been rising for the past six trading days, but even though first-quarter earnings continue to roll in with positive results, the futures market is looking soft as the week comes to an end. “Earnings at GE, the bellwether of the U.S. economy, beat expectations in the latest quarter,” noted economists from BMO. “BoA also exceeded estimates, hitting the high bar set earlier this week by JPM and Wells Fargo.” Even so, Dow futures are down 15 points to 11,081 and S&P 500 futures are off 2.25 points to 1,206.25. The 2 year Treasury note is +0-01 at 100-00 yielding 0.996% and the 10 year Treasury note is +0-05 at 98-14 yielding 3.817%. Meantime, NYMEX crude oil is down 77 cents to $84.74, and Spot Gold is trading $3.85 lower at $1,155.40. Key data on housing…(read more)

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After hitting fresh 52-week highs across the board yesterday, US equities are looking to open slightly lower this morning ahead of a packed schedule. Just over one hour before the bell, Dow futures are down 19 points to 11,045 and S&P 500 futures are off 2.00 points to 1,204.50. The 2 year Treasury note is unchanged at 99-29 yielding 1.049% and the 10 year Treasury note is +0-03 at 98-04 yielding 3.855%. Commodities are also lower with NYMEX crude oil down 11 cents to $85.73 and Spot Gold down $2.60 to $1,152.75. Key Events Today: 8:30 ― The Empire State Manufacturing Index has been expanding for eight consecutive months and March should be no exception. Economists expect the index to come in at 25.0, up from 22.9 last month, largely as a result of the new orders index sprinting to 25.4…(read more)

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A busy schedule of data and speakers from the Federal Reserve awaits investors today. Key data include retail sales and the consumer price index an hour before the bell, and half an hour into the session should see headlines from Fed chairman Ben Bernanke’s testimony to Congress. Thirty minutes before the first data, equity markets are pointing higher. Dow futures are up 39 points to 10998 and S&P 500 futures are trading 5.25 points higher at 1,198.25. The 2 year Treasury note is -0-01 at 99-27 yielding 1.073% and the benchmark 10 year note is -0-05 at 98-08 yielding 3.838%. Commodity prices are also on the rise WTI crude oil up 83 cents to $84.88 per barrel and Spot Gold up $6.95 to $1,157.60. Part of the optimism this morning stems from better-than-anticipated earnings and revenue…(read more)

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The week ends with a very quiet day, at least in terms of data. Ahead of wholesale inventories, the dollar is weaker and equities are trading higher, in part owing to positive chain-store sales results from yesterday. One hour before the opening bell, Dow futures are up 25 points to 10,909 and S&P 500 futures are up 2.75 points to 1,186.50. Over the last five trading sessions, the Dow has added 0.65% and the S&P has risen 1.70%. The 2 year Treasury note is -0-01 at 99-26 yielding 1.093% and the 10 year Treasury note is -0-06 at 97-21 yielding 3.914%. WTI crude oil is higher by 70 cents on the day to $86.09 per barrel, while Spot Gold is up 6.55 to $1,175.10. Recent overseas data has also boosted equities. German exports rose 5.1% in February, beating expectations for 4.0% and following…(read more)

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In the footsteps of weak global markets, US equity futures are sharply lower this morning, further subtracting from yesterday’s losses. In Asia, Japan’s Nikkei closed 1.10% lower while Chinese stocks fell 0.94%. Results are similar in Europe where London’s FTSE 100 is currently 1.08% down and France’s CAC 40 is down 1.63%. “Across-the-board risk aversion was the theme overnight, with global equity markets almost uniformly lower as worries about Greece and some soft data are weighing,” said Benjamin Reitzes from BMO Capital Markets. 90 minutes before the bell, Dow futures are down 42 points to 10,807 and S&P 500 futures are off 5.75 points to 1,173.25. In the bond market, the 2 year note is +0-01 at 99-29 yielding 1.04% and the 10 year Treasury note is…(read more)

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The dollar is stronger but equity futures and commodity prices are each trading lower. The economic docket is empty this morning but in the afternoon the Federal Reserve will release the minutes to the latest monetary policy meeting, which investors hope will answer some key questions about the direction of policy. 90 minutes before the bell, Dow futures are down 13 points to 10,896 and S&P 500 futures are off 2.50 points to 1,180.50. Meantime, WTI crude oil is roughly flat at $86.59 per barrel and Spot Gold is trading $5.30 lower at $1,126.60. Speaking on CNBC last night, Richmond Fed president Jeffrey Lacker said there is “good evidence” the labor market has bottomed and that “at some point” the Fed will normalize rates. He also said he’s “comfortable”…(read more)

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Markets are flat to roughly lower as cautious investors await the results of the ADP private employment report and a key index of the services and manufacturing industries in the Midwest. Two hours before the opening bell, Dow futures are down 12 points to 10,842 and S&P 500 futures are off 1.50 points to 1,168.00. In contrast, WTI crude oil is up 44 cents to $82.81 per barrel and Spot Gold is trading $5.63 higher to $1,109.23. Late last night, Richard Fisher from the Dallas Fed dismissed the notion of a W-shaped recession and predicted 3% GDP in 2010. “Anecdotal evidence indicates that, absent some exogenous shock, the recovery that began last summer is unlikely to be reversed and will instead proceed, slowly gathering momentum as we progress through the year. . . It is less than…(read more)

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After volatile trading that ended positive yesterday, markets are looking for further gains this morning ahead of key housing data. 90 minutes before the bell, Dow futures are up 15.00 points to 10,844 and S&P 500 futures are 2.00 points higher at 1,170.75. Meantime, WTI crude oil is up 6 cents to $82.23 per barrel, and Spot Gold is up almost a dollar to $1,110.70. Reversing earlier losses, the dollar index came off a 4-day low overnight, though it remains relatively soft this morning. Earlier in the day, Chicago Fed President Charles Evans told Bloomberg TV the unemployment rate could remain higher than 9% for the rest of the year. He also said the FOMC statement’s use of the words “extended period” for accommodative policy suggests no change for a six month period. In…(read more)

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The US dollar is strengthening and equity futures are sharply lower this morning ahead of key housing and durable goods data. Yesterday the Dow strengthened for the 11th straight day, but this morning the focus is on continued financial troubles in Europe, causing risk aversion across the board and a flight to the greenback. 90 minutes before the bell, Dow futures are down 31 points to 10,797 and S&P 500 futures are off 4.20 points to 1,165. WTI crude oil is down $1.24 to $80.67 per barrel and Spot Gold is $9.00 lower to $1,096.15. The dollar strengthened mainly due to a steep fall in the euro overnight, which sank to its lowest level since last May, according to BMO Capital Markets. They attribute the weakness to talk of Greece receiving help from the International Monetary Fund. “Markets…(read more)