Wednesday, July 3, 2019

Daily Market Report 7/3/19  ADP had a revision for it's May's numbers, which was revised higher from it's initial of 27k to 41k.  It's numbers rose in June, from 41k to 102k; but below it's estimations, which were closer to the 160-180k range.  Initial Jobless Claims, also, had a revision from it's report last week, going from 227k to 229k.  So, the Jobless Claims dropped from 229k to 221k this week.  The Markit Services PMI rose from 50.7in May to 51.5 in June.  However, the ISM Non-Manufacturing Index dropped from 56.5% in May to 55.1% in June.  Factory Orders continued their contraction by dropping by 0.7% in May (after dropping by 1.2% in April). The Stock Market is Up this morning on news that Christine Lagarde, whom is President of the IMF, will replace Mario Draghi, as the Head of the ECB when the time Draghi leaves his post.  Both Markets liked this news, as Draghi has demonstrated to be super Dovish, and it's believed that Lagarde will follow his path.  MBS is currently Up 14bps, so Mortgage Rates will improve again today.  Yields are down just a hair below 1.95%.

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