Wednesday, February 19, 2020

Daily Market Report 2/19/20

http://MikesDailyMarketReport.com: Housing Starts, which had a 14 year high in December was revised higher from 1.608 million to 1.626 million; so, it stands to reason there will be a bit of a pull back in January, which it did decline to 1.567 million. It's still better than it's forecast of 1.440 million.  Media is harping on the drop of 3.6%, but if you remove the positive revisions, then it's 2.5% drop; also, they're not informing the public that December's number was a 14 year high.  Building Permits increased from 1.420 million in December to 1.551 million.  This is a 13 year high in Building Permits.  This data is important because it's future Housing Starts.  The Producer Price Index and it's Core PPI (PPI excluding food and energy) spiked up 0.5% in January.  The YoY for the PPI rose from 1.3% to 2.1% in January; whereas, it's Core PPI rose from 1.1% to 1.7% in January.  This is a pretty steep spike, so we'll definitely keep our eyes on it.  Later today, the FOMC Minutes will be released.  Most of this info will be outdated, as the Fed Chair testified before Congress last week.  However, Investors may look for any insight to possible Rate Cuts for this summer.  Stocks are Up this morning on news that China is implementing some measures to help the Small Businesses that are affected by the coronavirus after Apple and Walmart warned about future profits being affected by it yesterday.  We have several Fed Members speaking today.  MBS is currently Down 2bps.  We haven't been having much movement in either direction to move pricing on Mortgage Rates in either direction, so they remain Unchanged.  Yields have climbed a little bit to just under 1.57%.

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Tuesday, February 18, 2020

Daily Market Report 2/18/20

http://MikesDailyMarketReport.com: The Empire State Index (Manufacturing in the NY region) indicated some strength in February after jumping from 4.8 in January to 12.9.  NAHB Home Builders Index, which indicates the confidence level with Home Builders, dropped one point to 74 in February.  However, Stocks are in the Red on reports by Apple and Walmart that they won't meet 2nd Quarter expectations for earnings, as the coronavirus continues to hurt production in China.  Our thoughts and prayers are out to those whom have passed and those whom have been infected; and hope the virus is eradicated quickly.  Investments are flowing toward "safe havens" like the MBS, which is Up 8bps.  It's not quite enough to see improvement, but may see it tomorrow.  Currently, Mortgage Rates remain Unchanged from Friday's pricing.  Yields have stumbled down to 1.54% now.

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Friday, February 14, 2020

Daily Market Report 2/14/20

http://MikesDailyMarketReport.com: Retail Sales (both headline and excluding Autos) rose 0.3% in January.  Import Price Index remained Unchanged in January.  However, Industrial Production dropped 0.3% in January and Capacity Utilization dropped from 77.1% to 76.8%.  Consumer Sentiment rose to 100.9 in February.  Last, but not least, Business Inventories rose 0.1% in December.  Stocks are lightly trading and stepping back and forth in Positive and Negative Territory, as Investors are having heightened concerns about the data being received out of China that it may be well under-reported.  MBS is Up 5bps this morning, as Mortgage Rates have basically remained the same all week (Unchanged).  Yields have fallen down to 1.58%.

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Thursday, February 13, 2020

Daily Market Report 2/13/20

http://MikesDailyMarketReport.com: The Weekly Jobless Report rose by 2k to 205k.  Consumer Price Index rose by 0.1% in January; however, it's YoY rose from 2.3% to 2.5%.  The Core CPI (excluding food and energy) rose 0.2% in January; however, it's YoY remained Unchanged at 2.3%.  Stocks are down this morning, as Investors turn to the ever increasing numbers of diagnosed patients and death tolls as a result from the coronavirus.  MBS is Up 5bps this morning and Mortgage Rates remain Unchanged.  Because we haven't had really any large price swings this week, the Mortgage Rates have pretty much remained intact this week.  Yields have climbed a little higher to 1.62%.

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Wednesday, February 12, 2020

Daily Market Report 2/12/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are Up again today, as DOW and S&P reach new highs.  Fed Chair Jerome Powell will be testifying before the Senate today.  His talking points from yesterday's testimony will remain the same, however, the Senate may have other questions for him.  Also, later today, there is a 10yr Treasury Auction, which can affect the Markets.  MBS is currently Down 2bps, however, Mortgage Rates remain Unchanged.  Yields are Up to 1.63% (sorry, I mistakenly stated 1.66% in the video).

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Tuesday, February 11, 2020

Daily Market Report 2/11/20

http://MikesDailyMarketReport.com: The NFIB Small Business Index rose from 102.4 in December to 104.3 in January.  This index is a guage to the confidence for Small Business owners.  The JOLTS Job Openings dropped from 6.8 million in November to 6.4 million in December.  Stocks are Up this morning, as Jerome talks before Congress (Day 1 of 2).  Other Fed Members will be out speaking today, as well.  MBS is currently Up 3bps, so there's No change to Mortgage Rates.  Yields climbed up to 1.58%.

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Monday, February 10, 2020

Daily Market Report 2/10/20

http://MikesDailyMarketReport.com: There is no economic data to report today, and this week will be relatively quiet.  Stocks started in the red this morning, but since has moved into Positive Territory.  Investors are checking on China, as businesses begin to re-open after the extended holiday due to the coronavirus.  Also, the Q4 Corporate Earnings Reports will soon come to a close this week.  MBS is fighting to stay above it's previous ceiling, and hopefully, turning it into a floor of support.  It's Unchanged from Friday's close, so Mortgage Rates remain Unchanged, as well.  Hopefully, it's strong enough to stay above this line, which can lead to further improvement for Mortgage Rates.  Yields have fallen down to just under 1.56% now.

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