Thursday, May 7, 2020

Daily Market Report 5/7/20  Initial Jobless Claims are still reporting high volumes of claims, but it has been trending lower each week, as it report 3.85 million for last week's report to 3.17 million today.  Productivity dropped 2.5% for Q1, however, it exceeded it's forecasts of -5.5%.  Unit Labor Costs rose 4.8% in Q1.  Stocks are Up this morning, as they view the lower trend of people applying for unemployment lessening each week and many state economies beginning to re-open.  China reported positive data (first since December, before pandemic), as forecasts were still calling for a major drop.  US and Chinese Officials will be meeting via conference to discuss Phase One of the Trade Agreement.  MBS is currently Up 5bps, but still below it's 25 DMA ceiling.  Mortgage Rates remain Unchanged from yesterday.  Yields have fallen to just above it's 25 DMA floor at 0.66%.

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