http://MikesDailyMarketReport.com: We have both Manufacturing and Services Sectors being represented by Markit PMI flash Indexes being reported today. It's Manufacturing dropped from 50.6 in June to 50.0 in July; whereas, it's Services increased from 51.5 to 52.2. New Home Sales increased from 604k annualize units in May to 646k in June. However, it is important to note that the number in May was revised lower, so it's 7% increase in June, is more like 3.2% (without the revision). Still a good number, but need to point out the reason behind these spikes. Stocks are in Mixed Territory, as Coporate Earnings are influencing the Markets, most notably Catepillar and Boeing's very disappointing results (DOW is down over 100 so far this morning). Also, Tech Stocks are being tested, as the DOJ is opening an Anti Trust Probe into the large High Tech Businesses Practices that are hurting smaller businesses. It was announced that Lighthizer and Mnuchin will be going to China for their first face-to-face meetings since G20 Meetings, so there's some optimism growing. MBS is Up 9bps, but it's not enough to change pricing for Mortgage Rates. We're about the same levels as Monday's. Yields have come down from their last minute surge at yesterday's closing (2.07%) to 2.05% this morning.
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment