Thursday, April 23, 2020

Daily Market Report 4/23/20 Weekly Jobless Claims came in at 4.43 million people applying for Unemployment for the first time last week.  Both the Manufacturing and Services Industries continue to sink, as Markit PMI released their reports showing Manufacturing dropping from 48.5 in March to 36.9 in April; and Services dropping from 39.8 to 27.0.  Any number below 50 in these indexes indicates contraction.  Meanwhile, New Home Sales dropped from 741k to 627k in March, after February's data was revised lower from 765k.  Stocks are Up this morning, even though Q1 Earnings Reports are still being released, and the numbers have looked quite grim; but they're having some as summer approaches and some states are beginning to reopen.  MBS is Up 14bps, which will translate to an improvement with Mortgage Rates.  Yields are hanging around just below 0.61%.

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