Monday, June 15, 2020

Daily Market Report 6/15/20 Manufacturing in the NY region is showing some improvement in June, as the Empire State Index reported a -0.2 (after a -48.5 in May).  Anything below 0 is considering contraction.  Stocks are Down this morning over concerns of a new wave of coronavirus, as many states have been reporting a bit of a spike.  Also, China has reported a spike in their testing and have begun to cancel many events, and closed the largest Market due to findings of it being a source for the infections.  Another concern for investors is the recent economic data from China that was recently released that indicates that the economy won't rebound as fast as they'd like.  MBS started the morning on a great note, but has since fallen a bit into negative territory, as it's currently Down.  This may lead east coast lenders to reprice for the worse, as MBS was up much higher; whereas, the west coast will be just releasing their rates, which will reflect any reprices and should look pretty close to Friday's numbers.  Yields are trying to stay above it's 25 DMA, as it's sitting just below 0.69%.

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