http://MikesDailyMarketReport.com: ADP Employment number really missed it's mark in May. It went from 271k new private jobs in April to only creating 27k in May. This didn't weigh on the Market too much, as the ADP's number doesn't always translate to the same as the BLS'. Most think the BLS' numbers on Friday will be around 190k due to the low Jobless Claims during May. The Service Industry is still humming along. We have 2 reports on this sector. First is the Markit Services PMI, which remained Unchanged at 50.9 in May; the other is ISM Non-Manufacturing Index, which rose from 55.5% to 56.9%. Around 11:15am PST, the Fed will release it's Fed Beige Book, which will provide insight into the Micro Economics of the various Fed Regions across the US. Stocks are continuing their rally today, as the Sentiment has changed. Investors feel that the Fed may cut rates sometime in the near future to stimulate the economy that may be slowing due to the tariffs; along with optimism that reps from both China and US may ease the tensions from previous talks and resume those negotiations. MBS is currently Unchanged from yesterday's closed, but MBS did drop further on the Equities rally yesterday, so some Lenders (pending when they released their pricing) may either provide worse pricing, or the same pricing, as yesterday's. Those whom kept the same pricing, may have changed their pricing yesterday for the worse, so it kind of offsets itself. Yields are currently at 2.11%.
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