Wednesday, January 8, 2020

Daily Market Report 1/8/20 The ADP report on new jobs came in hot!  The November numbers were revised higher.  The initial data for November was 67k and revised higher by 57k to 124k.  In December, it rose to 202k; so, very nice numbers!  We'll get to view the BLS' numbers on Friday, which will be the Big One!  Stocks started the morning Way Down, after Missle Strikes by Iran on US Military bases in Iraq.  They rebounded into Positive Territory, after the Iranian Foreign Minister stated that concluded their intentions and do not wish to escalate further.  President Trump tweeted shortly after that damages were minor and so far no casualties have been reported; and he'll give an address at 11am PST this morning.  However, the DOW is being weighted down a bit this morning by Boeing (it carries a lot of weight on the index) because of a tragic Ukrainianan airline crash (on a Boeing 737, not the MAX) in Tehran,just after takeoff (killing all those onboard).  MBS is currently Down 5bps, so Mortgage Rates remain Unchanged from yesterday.  We may have topped out, so be a bit cautious, if you are in a transaction and floating any rates.  Yields started much lower this morning, but rebounded Up to 1.82%.

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