Tuesday, March 5, 2019

Daily Market Report 3/5/19

http://MikesDailyMarketReport.com: We have mixed data for the Service Industries.  The Markit Services PMI went from 56.2 to 56.0 in February; whereas, the ISM Non-Manufacturing went from 56.7% to 59.7%.  New Home Sales improved from 599k annualized units sold in November to 621k annualized units sold in December.  This was better than the 600k forecast.  Stocks are down on news that China lowered their economic growth to the range of 6.0% to 6.5%.  They announced a few additional stimulus measures to spike it's economy.  We have a few Fed Members speaking today, which Fed Member Rosengren mentioned that the concern for the US economy overheating has changed on recent data.  They expect it to moderately drop this year.  MBS is currently down 6bps, which leave Mortgage Rates unchanged from yesterday's pricing.  Yields have slid a little to 2.74%.

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