Daily Market Report 7/1/20

http://MikesDailyMarketReport.com:  The ADP had some great news today, as it revised it's May numbers from a loss of 2.76 million jobs to 3.065 million jobs created.  The June numbers for June came up a bit shy of the 3.00 million forecast, which was 2.369 million jobs created.  Also, ISM Manufacturing had good news for June, as it went from 43.1 in May to 52.6 in June.  Anything above 50 is in expansion territory; so, we went from contraction previously to expansion.  Great news for a recovery!  Construction Spending continued it's decline, as it dropped 2.1% in May.  Later today, we'll see the notes from the FOMC Meeting in June.  Investors are interested in viewing it.  Stocks are Up on the positive economic data, but also some positive results on a vaccine being engineered by Pfizer.  MBS started the morning down a bit, but is now Unchanged; as, Mortgage Rates remain Unchanged from yesterday's pricing.  Adding pressure to MBS is Yields, which have risen to 0.69%, and breaking above it's 50 DMA and challenging it's next ceiling of resistance.  If this trend continues, then you may want to look into a locking bias; for now, floating is ok.

I will be moving to a new Lender, whom is National, so they can do loans in 48 states.  If you'd like to discuss your loan scenario, then either DM me from this social media site, or feel free to contact me via my personal email for now, as I'll be going thru a licensing transitioning period.  my personal email is mikebjork@icloud.com.

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