Tuesday, March 24, 2020

Daily Market Report 3/24/20

http://MikesDailyMarketReport.com: The Markit PMI flash released their 2 reports (Manufacturing and Service) today.  Both dropped MoM in March, as Manufacturing dropped from 50.7 to 49.2; and Services dropped from 49.4 to 39.1, which is the lowest level on record.  Anything below 50 is considered contraction.  New Home Sales had a large revision for January, as it was increased from764k annualized units to 800k.  February shows a drop from the revised level to 765k.  Stocks are Up this morning on Optimism, as there are hopes of a Coronavirus Stimulus Package may be passed thru Congress, after the Democrats blocked the previous Package.  MBS is Up 66bps so far this morning, as the Fed continues it's QE Purchases every day this week.  It closed down from it's high yesterday, but still Up 84bps; as a result, there was a price change for the worse.  Today's pricing for Mortgage Rates are better than yesterday's close, but similar to what we saw during our high's yesterday.  Yields are up a bit and just under .84% currently.

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