Stocks are mixed Thursday morning behind a rally in tech stocks. Both $SPY
are higher, but $DIA
is lower after Fitch ratings put the US AAA rating on the negative watch list. The agency cited the ongoing debt ceiling negotiations, though Fitch said it expected a deal to be reached.
For economic data today, US GDP growth during the Q1 was revised higher to 1.3%, up from 1.1% in the initial estimate. The change was mainly a result of an upward revision to private inventory investment. Consumer spending was revised slightly higher to 3.8%.
Initial jobless claims rose less than expected to 229,000, vs estimates of 245,000. Claims were at 225,000 last week. Continuing claims were slightly lower at 1.79 million.
Pending home sales were flat in April, missing expectations of 1.0% growth. Pending home sales are down 20.3% YoY. Sales were up 3.6% in the Midwest and 4.7% in the West.
Treasury yields are higher, with the 2-year T yield up 8.0 basis points to 4.45%, the 5-year T yield up 7.9 basis points to 3.85%, and the 10-year Treasury yield up 4.3 basis points to 3.78%. With the exception of the shortest terms, advance rates are higher today.