Grand Rapids Mortgage Company

Posted To: MND NewsWire

With little economic data released until Thursday this week, investor attention should remain focused on first-quarter earnings releases, plus continued speculation on the Securities and Exchange Commission’s lawsuit against Goldman Sachs. Before the Friday announcement that the SEC was charging Goldman with fraud , all three indexes in the US were at 52-week highs. This morning, ahead of Q1 earnings from Citigroup, Halliburton and IBM, stock futures are sharply lower. Dow Futures are down 47 points to 10,937 and S&P 500 futures are off 5.75 points to 1,184.50. The 2 year Treasury note is -0-00 at 100-02 yielding 0.963% and the 10 year Treasury note is -0-02 at 98-23 yielding 3.78%. Commodities are also weaker with WTI crude oil trading $2.35 lower at $80.89 per barrel and Spot Gold…(read more)

Posted To: MND NewsWire

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)

Posted To: MND NewsWire

Expectations for this week’s data is solidly optimistic as economists have recently been revising their forecasts for 2010 growth upwards. As Ellen Zentner from BTMU noted, “The most reliable broad indicators of the U.S. economy are expanding at a healthy clip, suggesting that first quarter growth will come in around 3.5% with all of 2010 coming in around 3.2%.” Although Monday begins the week on a slow note in terms of fresh data, the rest of the week is packed with housing data, retail sales, industrial production, and regional manufacturing indexes. In addition, countless officials from the Federal Reserve are on the speaking circuit from Tuesday to Friday. And even if the week were slow, investors would still be busy as stock prices trade at their highest levels since…(read more)

Posted To: MND NewsWire

90 minutes before the opening bell sounds to begin a holiday-shortened week, equity futures are sharply upwards. The Dow looks to open 52 points higher at 10,850 and futures on the S&P 500 are up 4.50 points to 1,168.00 Commodities are also on the rise with NYMEX crude oil contracts (May) up 67 cents to $80.00 per barrel and Gold up $5.70 to $1,111.10. Data this week should be supportive of continued recovery in the economy, with the week likely ending on a highly positive note for employment. But investors will have plenty to consider after Treasury auctions saw a drawback in demand last week. Key Events This Week: Monday: 8:30 ― Personal Income & Outlays should show modest consistent gains in income, decent growth in consumer spending, and tame inflation. According to economists,…(read more)

Posted To: MND NewsWire

Investors this morning await the first real data to be released this week. But wholesale trade inventories isn’t a major market mover, nor is the afternoon’s budget statement, so it could be a quiet day if investors prefer to postpone trading until retail sales figures hit the headlines on Friday. One hour before the opening bell, the market is pretty flat. Dow futures are down 1 point at 10,563 and futures on the S&P 500 are up 0.00 points to 1,140.50 Meantime, WTI crude oil is up 31 cents to $81.80 per barrel, and Spot Gold is trading $5.15 higher at $1,127.00. Earlier today the Mortgage Bankers Association said its index of mortgage application rose 0.5% in the first week of March, but it remains down 12.5% from last year. Key Events Today: 10:00 ― Wholesale Trade Inventories…(read more)

Posted To: MND NewsWire

Equity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents to $81.83 per barrel and Spot Gold up 54 cents to $1,135.19. Meantime, the US dollar is a bit lower against the euro since France’s Nicolas Sarkozy said the continent would help Greece: “if it were necessary, the states of the euro zone would fulfill their commitments.” In terms of data the week ahead doesn’t quite begin until Wednesday afternoon when the Treasury releases its budget statement. On Thursday, weekly jobless claims will be accompanied by the monthly trade balance. Friday’s retail sales index…(read more)