Wednesday, May 6, 2020

Daily Market Report 5/6/20 The ADP Employment Report had revised it's March numbers from -26k to -149k; while April shows a drop of 20.2 million.  Definitely shows a bleak week for Jobs data this week, as this is the first of 3 Jobs data we'll see this week.  Stocks were in Negative Territory early on the Jobs data, but has since moved into Positive Territory, as many states are beginning to re-open their economies in phases.  The Treasury Dept. announced they would boost the longer termed bond auctions more than expected, which is stressing govt bonds.  As a result, MBS is Down 11 bps and is now below it's 25 DMA with the 50 DMA about 100 bps as next floor beneath it.  Not would be a good time to lock, if you haven't done so.  Mortgage Rates have worsened a bit this morning on this data.  Yields are Up to 0.73% and broke above it's 25 DMA, adding to the pressure on MBS/Bonds.

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