Thursday, June 18, 2020

Daily Market Report 6/18/20 Initial Jobless Claims was a bit disappointing today, as last week's report was revised slightly higher to 1.57 million people apply for first time benefits, as it dipped to 1.51 million in this week's report.  It was widely expected to see it drop to 1.31 million.  It is trending in the "right" direction; however, it just didn't go fast enough.  On the other hand, Manufacturing in the Philadelphia region surprise everyone with a fairly hot number.  It went from -43.1 to +27.5.  It was expected to be -20.0.  Also, good news with the Leading Economic Indicators, as it went from -6.1% in April to 2.8% in May.  Mixed data today!  Stocks started in the Red this morning, but has since improved.  The DOW is now the only index tip-toeing back and forth between Positive/Negative Territories.  This uncertainty in the Market has been very clear this week, as investors try to get a grip on economic activity and coronavirus news.  There's been an uptick with new cases reported in China and a few US states, so the fear of a 2nd wave is real!  There will be a few Fed Speakers today, so investors will pay attention closely on their thoughts.  MBS is currently Up 6bps and pushing up on it's 25 DMA.  Currently, there's no change in pricing for Mortgage Rates, but it's trending toward more positive position, if this keeps up.  Yields have fallen below it's 25 DMA and sitting at 0.70% and having less pressure on MBS.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt

No comments:

Post a Comment