Tuesday, July 2, 2019

Daily Market Report 7/2/19

http://MikesDailyMarketReport.com: Nothing on the Economic Calendar today.  Stocks are in Negative Territory this morning, after yesterday's rally on the euphoria on the agreement between US and China to go back to the table for their Trade Talk.  Now Wallstreet is waiting on Job Numbers that will be released on Friday.  Stocks are high now, so they don't want to over-extend themselves, if the economy doesn't show that it's strong enough to support it's current levels.  Also, US and EU are bickering about subsidies to Aerobus and Boeing, which is translating to some additional Tariffs.  OPEC and Russia met and agreed to cut oil production to drive up prices, so gas prices look to rise again in the near future.  Meanwhile, MBS is currently Up 14bps.  It was lower and has worked it's way up.  If it can sustain this level today, then you may see Lenders come out  with better pricing on Mortgage Rates today.  Yields have slipped down to 2.00% now.

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