http://MikesDailyMarketReport.com: Initial Jobless Claims rose to 215k last week -still a very low number. Remember, we have the BLS' Jobs data tomorrow! ISM Manufacturing Index dipped from 51.7% to 51.2% in July. Anything above 50% is considered in expansion territory on this index. Construction Spending continued to slump, as it dropped 1.3% in June. Stocks are trading in Positive Territory this morning, as the Fed had to backtrack on earlier comments regarding outlook for future rate decisions as this is a "mid-cycle adjustment"; whereas Investors took this comment as the Fed is One and Done with the Rate Cut. It wasn't a very good comment to make, so he back tracked and basically expressed that any rate decision going forward will be data driven. So, Investors may take this as any good news moving forward will mean bad news, as in the Fed won't cut rates any further due to good economic data. The stocks closed above their lows, but still very low. MBS closed yesterday off their highs, but are rebounding today, as they're Up 22bps, so Mortgage Rates have improved. Yields are down to 1.96% and broke below it's 25 DMA and Fibonacci levels, further helping MBS and improvement to Mortgage Rates.
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