Tuesday, May 5, 2020

Daily Market Report 5/5/20

http://MikesDailyMarketReport.com: The only data being reported today is on the Services Industry.  The Markit Service PMI dropped down to 26.7 in April; while ISM Non-Manufacturing Index dropped down to 41.8%.  Anything below 50 on either index is considered in Contraction/Negative Territory.  Stocks are Up this morning on optimism of global economies beginning to re-open, along with possible vaccines and higher oil prices.  The US Treasury will be looking to borrow $3 Trillion today for the Q2 to meet Congress' Stimulus/Emergency Plans.  This is by far the largest amount they've ever borrowed.  MBS is still hovering above it's 25 DMA and Up 3bps, so Mortgage Rates remain Unchanged.  Yields are just below it's 25 DMA and sitting just under 0.66%.

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