Stock Market Watch

U.S. Economic Calendar Event Update – May 8

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These are the U.S. economic calendar events for Wednesday, May 08, 2013. All times are EST.

MBA Purchase Index for the week ending on 05/04 are scheduled to be released at 7:00 AM. The prior period for MBA Purchase Index had a result of 1.8%. This event has a low effect on US markets.

Crude Inventories for the week ending on 05/04 are scheduled to be released at 10:30 AM. The prior period for Crude Inventories had a result of 6.696. This event has a low effect on US markets.

At the release of important events, US equity markets (INDEXSP:.INX) can make major moves. Be sure to keep an eye on S&P (NYSEARCA:SPY), Nasdaq (NYSEARCA:QQQ) and Dow Jones (NYSEARCA:DIA) at the time of announcements.

Here is some more information about the events discussion in this article.

MBA Purchase Index: Gauges demand for mortgage application in the US . Tracking new home mortgages and refinances, MBA Mortgage Applications Survey serves at a current indicator for the US housing market. Growth in mortgages suggests a healthy housing market. Due to the multiplier effect housing has on the rest of the economy, rising activity suggests increased household income and economic expansion. The headline figure is the weekly percentage change in the MBA Mortgage Applications figure. Among the various indices measured in the survey, the purchase index and refinancing index most accurately reflect where the housing market is headed. The purchasing index measures the change in existing home sales in all mortgage applications, while the refinance index measures the mortgage refinancing activity in all mortgage applications.

Crude Inventories: Measure of inventories of crude oil stored for future use. The figure relies on the Energy Information Administration’s Monthly Crude Oil Report which surveys companies that store 500 or more barrels of crude oil. Because companies with smaller stores are excluded, the figure systematically underestimates actual crude oil stores. Nonetheless, the report is significant as changes in crude oil inventories provide insight into oil demand and prices. A significant decrease in inventories suggests the supply of oil is possibly strained, which puts upward pressure on oil prices. Any increase in oil prices will act as an inflationary pressure as increased oil prices are fed through the economy. But because any affects of Oil Stocks would take some time to feed through the economy, the report typically does not affect the market. The figure is reported monthly, either in thousands of barrels per month or as a percentage change from the previous month.

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Alex Fredricks
Post Written By: Alex Fredricks
Alex Fredricks has a degree in business and is an avid day-trader. Alex’s experience and love for the game of the markets is shown not only in his posts, but the post he helps edit for other authors on our staff.

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Alex Fredricks

Alex Fredricks has a degree in business and is an avid day-trader. Alex's experience and love for the game of the markets is shown not only in his posts, but the post he helps edit for other authors on our staff.

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