Post-vote data dump: ADP, trade, services PMI and mortgages
SPY•SPY•SPY•SPY•US markets rose after Tuesday’s vote as October data showed 86,000 private-sector jobs added, a $105 billion trade deficit and services PMI of 54.5. Mortgage demand fell 1.2% as the average 30-year rate eased to 7.30%.
The S&P 500 and Nasdaq rose more than 1%, while the Dow gained about 2.5%. The consumer discretionary sector led S&P 500 gainers, energy lagged, and the 10-year Treasury yield fell to 4.92%. ADP reported that private-sector employment rose by 86,000 in October, 24.6% more than economists expected.
The US trade deficit narrowed 0.7% in September to $105.0 billion, while imports rose 1.2% to a record and exports increased 1.9%. The ISM services PMI slipped 0.4 points to 54.5, remaining above the 50 mark that separates expansion from contraction. Prices paid eased one point to 73.0.
The average 30-year fixed mortgage rate fell seven basis points to 7.30%, but total mortgage demand declined 1.2%. Purchase applications fell 2.2%, while refinancing applications rose 0.1%.
