Thursday, October 3, 2019

Daily Market Report 10/3/19

http://MikesDailyMarketReport.com: Initial Weekly Jobless Claims rose from 215k (which was revised higher from 213k) to 219k.  Tomorrow will the the BLS' September Jobs Report, which will have an Impact on the Market.  To continue with the Economic Calendar, the next 2 reports are on the Services Industry.  The Markit Services PMI remained unchanged from it's August to September data at 50.9.  However, the ISM Non-Manufacturing Index had a sharp drop from 56.4% to 52.6%.  Anything above 50 is considered expansion, and the ISM is a more closely watched report between the 2.  Factory Orders dropped 0.1% in August.  Stocks have continued their downward trend this morning on more poor economic data (ISM Services), which started the trend earlier this week on poor manufacturing and disappointing ADP data.  MBS is benefitting from the Stocks demise, as Investors are moving their investment dollars to flight of quality, and is currently Up 16bps.  It is sitting just below it's next overhead resistance.  Also, Yields are trending downward and currently resides at 1.55%.

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