Tuesday, May 19, 2020

Daily Market Report 5/19/20

http://MikesDailyMarketReport.com: As expected, Housing Starts dropped in April, as it was reported at 891k annualized units (just under forecasts).  Building Permits (future Housing Starts) also, dropped in April to 1.074 million (better than forecasts) annualized units.  Stocks are a bit Mixed, as the DOW is currently the only index in the Red.  Both Fed Chair Powell and Treasury Secretary Mnuchin are scheduled to testify before Congress today.  It's expected that they reiterate what they've previously stated in recent comments.  Also, President Trump has threatened to permanently withhold funding to WHO.  MBS is currently Up 11bps, so Mortgage Rates remain Unchanged.  It was close to MBS closing under the 50 DMA, which pricing worsened in the afternoon, before pulling back enough (just above the 50 DMA) before close.  Yields also, broke above it's 50 DMA yesterday; but today, it is under it and sitting at 0.71%.

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