Wednesday, October 7, 2020

Daily Market Report 10/7/20 The only economic data to report will come out at 11am PST, which is the Meeting Minutes from the FOMC last month.  Stocks rebounded from yesterday's close; and are currently Up today.  Last night, about an hour before Market close, President Trump tweeted out that he instructed the Republican Senate to halt negotiations with the Democrats on a second Stimulus package until after the election; and accused them of dealing in bad faith.  However, a few hours later (after Market close), he tweeted that he'd be more than willing to send out individual Stimulus components (including the $1200 individual checks, funds for airlines and replenishing PPP).  This reversed the Market Sentiment overnite to this morning's opening.  Also, Investors will be watching Big Tech (namely the FAANG) stocks, as a critical report was released by the House Judiciary Anti Trust, Commercial and Adminstrative Law Sub Committee regarding them as Monopolies.  MBS started the morning lower; however, it has improved to being Down 14bps from yesterday's close (yesterday, after the tweet, it jumped Up and closed +23bps).  So, Mortgage Rates remain Unchanged from yesterday's pricing, except for Lender improved pricing at the end of the day.  Meaning, Mortgage Rates are a bit higher from yesterday's close (after late Market improvement), but the same pricing we saw for most of the day yesterday.  Yields are back Up this morning too; and sit at 0.77%.

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