Thursday, August 29, 2019

Daily Market Report 8/29/19  Weekly Jobless Claims rose a little bit from 211k people applying for Unemployment the previous week to 215k last week.  Q2 GDP had it's 2nd revision today, which went from 2.1% annualized to 2.0%.  It's forecasts called for 1.9%,  Also, Pending Home Sales dropped 2.5% from June to July.  Stocks are in a Good Mood today, as they like comments out of China that they stated they will no immediately retaliate to the US' counter with additional tariffs last Friday, and they intend to meet face-to-face next month to continue their trade negotiations.  MBS are currently down 11bps.  They're sitting where we started yesterday, so Mortgage Rates remain Unchanged from yesterday's pricing.  Something to watch is the rise of the 25 DMA, which may push it higher; but, there's always a chance for it to slip below it (at least temporarily).  So be cautious, if your floating your interest rate, as it may affect short term positions.  Yields have risen to 1.51%, as money flows from Treasuries to Equities today.

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