Market Overview - The markets are focusing on earnings, economic news, and the passage of a spending bill to end the partial government shutdown [1] - The January ISM services index is expected to fall by -0.3 to 53.5, while initial weekly unemployment claims are anticipated to increase by 3,000 to 212,000 [1] - The University of Michigan January consumer sentiment index is expected to decline by -1.4 to 55.0 [1] Mortgage Applications - US MBA mortgage applications fell by -8.9% in the week ended January 30, with the purchase mortgage sub-index down -14.4% and the refinancing sub-index down -4.7% [2] - The average 30-year fixed-rate mortgage decreased by -3 basis points to 6.21% from 6.24% in the prior week [2] Treasury and Government Funding - The Treasury announced a quarterly refunding totaling $125 billion in sales of T-notes and T-bonds, meeting expectations [3] - The funding package only covers the Department of Homeland Security through February 13, while the rest of the government is funded through September 30 [3] Labor Market - The January ADP employment change rose by +22,000, which is below expectations of +45,000, indicating signs of weakness in the US labor market [4] Stock Market Performance - Stock indexes are wavering due to mixed corporate earnings results and a rotation out of technology stocks [5] - The S&P 500 Index is up +0.08%, the Dow Jones Industrials Index is up +0.54%, while the Nasdaq 100 Index is down -0.56% [6] Earnings Season - Q4 earnings season is in full swing, with 150 S&P 500 companies scheduled to report earnings this week [7] - 80% of the 195 S&P 500 companies that have reported so far have beaten expectations, with S&P earnings growth expected to climb by +8.4% in Q4 [7] International Markets - Overseas stock markets are mixed, with the Euro Stoxx 50 up by +0.11% and China's Shanghai Composite up by +0.85% [8] Interest Rates - March 10-year T-notes are down by -3 ticks, with the 10-year T-note yield up +1.4 basis points to 4.280% [9] - The Eurozone January core CPI was revised downward by -0.1 to +2.2% year-over-year, the smallest increase in four years [10] Company-Specific Movements - Super Micro Computer is up more than +15% after forecasting Q3 net sales of at least $12.30 billion, exceeding the consensus of $10.25 billion [13] - Advanced Micro Devices is down more than -13% after forecasting Q1 sales of $9.8 billion, below projections of around $10 billion [17] - Eli Lilly is up more than +6% after reporting Q4 revenue of $19.29 billion, above the consensus of $18.01 billion [15]