Tuesday, June 23, 2020

Daily Market Report 6/23/20

http://MikesDailyMarketReport.com:  We had some some improvement in both Manufacturing and Services sectors in the month of June, as the Markit PMI indicated with their indexes.  The Markit Manufacturing PMI rose from 39.8 in May to 49.6 in June; and the Markit Services PMI rose from 37.5 in May to 46.7 in June.  However, a 50 or greater is considered growth or optimism for these indexes.  We also received data on New Home Sales, which rose from 580k annualized units in April to 676k in May.  Stocks like the data are currently Up this morning.  Before the Markets opened, they (futures) were trading in a Mixed pattern, as Peter Navarro was interviewed on Fox News on Monday evening, and made confusing statements about the Phase One deal with China being over.  However, later, President Trump tweeted that the deal with China is not over, and continuing on.  This appeased the investors for this mornings trades.  MBS is currently Unchanged from yesterday's closed (which closed -9bps) and just atop it's 50 DMA.  The movement is not enough to change Mortgage Rates.  Yields started the day higher (just above it's 25 DMA), but has come down a bit (0.73%) and settling in at the level just above it's 50 DMA.

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