Friday, May 15, 2020

Daily Market Report 5/15/20 Retail Sales continued their decline in April, as they dropped 16.4%; and when you exclude "big ticket" items, like autos, then it dropped 17.2%.  Manufacturing in the NY region improved some, but the number is still pretty bad, as the Empire State Index webt from -78.2 in April to -48.5 in May.  Industrial Production continued to decline, as it dropped 11.2% in April; and the Capacity Utilization dropped down to 64.9%.  Job Openings dropped from 7.0 million in February to 6.2 million in March.  Consumer Sentiment improved in May, as it went from 71.8 in April to 73.7 in May, as the economy tries to work it's way back.  Business Inventories continues their trend of declines into March, as it dropped 0.2%.  Stocks are in Negative Territory this morning, after making a dramatic U turn yesterday (about a 835 point swing in the red to black at the close).  The data reported today was pretty disappointing to investors, but it also appears that trade tensions with China may be erupting, as the Commerce Dept may be blocking semiconductors to Huawei; and as expected, China is threatening counter-retaliation, if this happens.  MBS is currently Down  9bps, but Mortgage Rates should remain Unchanged from yesterday's pricing.  Yields are Up to 0.64%, but still (just under) it's 25 DMA.

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