Friday, May 1, 2020

Daily Market Report 5/1/20 The Markit Manufacturing PMI dropped down to 36.1 for April; while the ISM Manufacturing Index dropped to 41.5.  Construction Spending rose by 0.9% in March.  Stocks are Down on Corporate Earnings release and outlooks, including 2 Big Tech Companies (Apple and Amazon).  Also, to add fuel to the fire are new threats from President Trump that the US may add tariffs to Chinese imports because of their handling of the pandemic.  MBS is currently Down about 8bps, but sill above it's 25 DMA, which is climbing.  Mortgage Rates remain Unchanged.  Yields are up a bit, coming in just under 0.63%.

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