Thursday, May 23, 2019

Daily Market Report 5/23/19

http://MikesDailyMarketReport.com: Weekly Jobless Claims dropped from 212k from previous week to 211k last week; another good sign for Jobs.  However, we show Manufacturing and Services Industry slowing down.  Markit Manufacturing PMI flash dropped from 52.6 in April to 50.6 in May; and Markit Services PMI flash dropped from 53.0 in April to 50.9 in May.  Both indexes are showing that both industries are on the verge of contracting (anything above 50 on these indices is expansion, and below is contraction).  Also, New Home Sales dropped in April.  They went from 723k annualized units in March to 673k in April.  Stocks are trading way Down today, as Investors are realizing the tensions between US and China are only escalating and both sides seem to be digging in for the long-haul.  Catch the video for more info, but this tension is becoming more Global, as more companies in other countries sever ties with Huawei in order to comply with US regulations.  Also, Markit Manufacturing out of Europe contracted further, as they're forced to cut staff (first since 2014).  MBS is Up 9bps, so coupled with yesterday's improved movement, Mortgage Rates have improved some today.  Meanwhile, Yields have dropped all the way down to 2.33%.

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Wednesday, May 22, 2019

Daily Market Report 5/22/19

http://MikesDailyMarketReport.com: The only item on the Economic Calendar today is the FOMC Minutes, which will be released at 11:15am PST.  Investors are eager to review the Minutes of the Feds' last meeting and look for clues on their thoughts on the economy, rate movement and US/China.  Stocks are Down, as they await the FOMC Minutes.  Also, both China and US appear to be readying themselves to dig in for the long haul, as tensions continue to escalate between the two.  MBS is UP 8bps, but Mortgage Rates remain Unchanged.  Yields are currently sitting at 2.40%.

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Tuesday, May 21, 2019

Daily Market Report 5/21/19

http://MikesDailyMarketReport.com: Existing Homes Sales slumped a bit in April, as they go from 5.21 million annualized units to 5.19 million.  Stocks are cautiously trading in Positive Territory, as the US placed a Temporary (90 days) Exception on US Businesses dealings with Huawei.  MBS is currently Up 3bps, which Mortgage Rates remain Unchanged.  Yields have crept up to 2.42% now.

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Monday, May 20, 2019

Daily Market Report 5/20/19

http://MikesDailyMarketReport.com: There are no economic data to report from the Calendar today.  Stocks are being driven by the continued tensions between the US and China, as both parties agree they won't be meeting any time soon, as neither side is willing to negotiate further.  Also, US Companies are preparing to holdback on any business relationships with Hauwei, as they will be limited on what they may sell to them.  Stocks are trading in Negative Territory.  MBS is down 2bps, but it's not enough to change pricing on Mortgage Rates, so they remain Unchanged.  Yields are currently at 2.39%.

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Friday, May 17, 2019

Daily Market Report 5/17/19

http://MikesDailyMarketReport.com: Consumer Sentiment jumped up from 97.2 in April to 102.4 in May.  Leading Indicators are Up 0.2% in April.  Stocks are down on concerns that China won't come back to the negotiations based on all the previous events.  MBS is currently down 3bps, but it's not enough to have any movement with the Mortgage Rates, so Mortgage Rates remain Unchanged from yesterday.  Yields have come down to 2.40%.

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Thursday, May 16, 2019

Daily Market Report 5/16/19

http://MikesDailyMarketReport.com:  Initial Jobless Claims improved last week, as only 212k applied for benefits (vs. 228k the previous week).  Housing Starts improved in April, as they rose from 1.168 million annualized units in March to 1.235 million in April.  Also, Building Permits, which are future Housing Starts, rose from 1.288 million in March to 1.296 million annualized units in April.  Manufacturing had a nice uptick in Philadelphia, as it did in NY area earlier this week, as it's Philly Fed Index indicated that it jumped up from 8.5 to 16.6 in May.  Stocks are really liking the Economic Data today, as the DOW up more than 200 so far, as they place the US/China tensions on hold for at least for a moment.  It appears that Huawei may have a more difficult to obtain any of their products from US companies, like their microchips, as the US is planning to add them to a list preventing any US Companies sell them any goods.   MBS is currently down 8bps, which is not enough movement to change pricing, so Mortgage Rates remain Unchanged.  Yields rebounded up to 2.41%.

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Wednesday, May 15, 2019

Daily Market Report 5/15/19

http://MikesDailyMarketReport.com: After a big month in March, Retail Sales declined by 0.2% in April; when you exclude Autos, then it declined by 0.1%.  The Empire State Index reported an improvement in Manufacturing in the NY region, as it went from 10.1 in April to 17.8 in May.  Industrial Production dropped 0.5% in April, which Capacity Utilization dropped from 78.5% to 77.9% in April.  Business Inventories remained still (0.0%) in March.  The NAHB Home Builders Index reports that Home Builders are more confident in May, as the index jumped from 63 to 66.  Stocks started the morning in Negative Territory, but has since moved into Positive Territory.  The negative number in Retail Sales, coupled with the Uncertainty with the US/China Negotiations, soured Investors earlier on.  Also, theres were a few poor economic data being reported out of China today too.  MBS is Up 9bps, so Mortgage Rates will Improved based on today's movement and yesterday's positive movement.  Yields have slid down to 3.37%.

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