Stocks are opening slightly in the green today but look to move mostly sideways as they did yesterday. The market seems to be in a holding pattern as the most crucial week of earnings this quarter has arrived. Trading volumes are light at the moment as we wait for the earnings of the FAANG stocks.
Bond prices are also relatively flat with the 10-year yield sitting around 2.58%. Mortgages opened the week lower but have rebounded a bit this morning. Today, we get the FHFA House Price Index and New Home Sales, and MBA Mortgage Applications will be out by the time the market opens tomorrow.
Political news weighing on the economy centers around oil. Prices on a barrel of oil have jumped almost 3% to almost $66 per barrel. This comes on the heels of President Trump calling for Saudi Arabia and others in OPEC to pick up the slack after the White House has halted all oil exports from Iran.