Mortgage interest rates were mostly flat on the week as economic data was mostly weaker than expected. Economic data weaker than expected included the March ISM Manufacturing Index, February Construction Spending, the March ISM Services Sector Index, February Factory Orders, Weekly Jobless Claims, the February U.S. Trade Deficit, the March Unemployment Rate, March Non-Farm Payrolls, and March Private Jobs. Non-Farm Payrolls were up just 103k on expectations that they would be up 175k. Private Jobs were up just 102k on expectations that they would be up 175k. Economic data stronger than expected included March Auto and Truck Sales and March ADP Private Jobs. March Average Hourly Earnings were in line with expectations, up 0.3% month over month and 2.7% year over year. Trade tensions with China continue to escalate as President Trump added $100 billion of tariffs to Chinese goods and services last night.
The Dow Jones Industrial Average is currently at 24,321, up over 200 points on the week. The crude oil spot price is currently at $63.31 per barrel, down over $1 per barrel on the week. The Dollar strengthened versus the Euro and Yen on the week.
Next week look toward Tuesday’s Producer Price Index (PPI) and Wholesale Trade, Wednesday’s Consumer Price Index (CPI) and FOMC Minutes, Thursday’s Jobless Claims and Import and Export Prices, and Friday’s Consumer Sentiment Index and JOLTS job openings report as potential market moving events. Also, the Treasury auctions 3-Year Notes, 10-Year Notes, and 30-Year Bonds which could impact markets.