From the Desk - Economic Commentary
Brandon Casey, Member Strategist - 10/25/2024
U.S. stocks opened higher Friday morning as the market looks to finish the week on a high note. Both the Nasdaq and S&P 500 were higher on Thursday, with the S&P 500 ending a three-day losing streak. Both the S&P 500 and DJIA are on track to end a six-week winning streak, while the Nasdaq is on pace to extend its winning streak to seven weeks.
Looking at economic data, durable goods orders fell 0.8% in September, slightly less than the 1.0% decline expected. Excluding transportation, orders were up 0.4% for the month. Core capital goods orders, which most closely resemble the business investment component of GDP, were up 0.5% for the month.
U.S. Treasury yields are lower this morning, with the 2-year Treasury down 2.4 basis points to 4.04%, the 5-year Treasury yield down 2.1 basis points to 4.00%, and the 10-year Treasury yield down 1.2 basis points to 4.19%. Longer-term advance rates are slightly lower today.
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