http://MikesDailyMarketReport.com: The Initial Jobless Claims report dropped by 4k, from previous week, to 211k people applying for unemployent benefits for the first time. The Producer Price Index, which measures inflation with the Wholesale sector, dropped 0.6% in February, which it's YoY dropped from 2.1% to 1.3%. When you remove food and energy from the equation, the you have the Core PPI, which dropped by 0.3% in February; and it's YoY dropped from 1.7% to 1.4%. Stocks were halted again this morning due to panic selling, which the DOW has now officially entered the Bear Territory, and the others will most likely follow suit today, which we'll find out after close. The panic over the coronavirus has now led to flights being cancelled from Europe for the month of March; NBA cancelling it's season until further notice; to other sports events playing with no audience in the stadiums and other events with large gatherings being cancelled. A few famous people are now claiming to having been infected with the coronavirus. Governments and Central Banks around the world are trying to put together packages to assist it's people and businesses. Needless to say, these times are unprecedented! MBS started the morning a little higher, but since has dropped and is testing the 25 DMA. It is Down about 30bps, so again Mortgage Rates continue to rise. Yields are sinking today too, as they are now residing around .67%.
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment