http://MikesDailyMarketReport.com: The Markit Manufacturing PMI improved from 50.9 in July to 53.6 in August. The Markit Services PMI improved from 50.0 in July to 54.8 in August. So, according to Markit PMI, both the Manufacturing and the Services Sectors of our economy show signs of improving. Also, Existing Home Sales topped June's record of 4.70 million annualized units to 5.86 million in July. This is due to new trends of people leaving the urban areas to suburbs and rural areas, as many realize they don't need to live in the urban areas to work, as they can work remotely. Stocks are Up and inched up higher on the economic data being reported today. Investors are also watching for signs on China, as they try to come together and review the progress on Phase One, but US side has been reluctant. Some of the drug companies, like Pfizer, have announced that they should come to Market with a vaccine by October. Also, watching the progress (or lack thereof) of a new Stimulus Package, as it's seen to be a matter of when, not if. It's deemed as essential to get the economy back into shape. MBS keeps showing signs that it wants to go higher, but seem to lose steam during the trading day. So, like most of this week, Mortgage Rates appear to be Unchanged from yesterday's pricing. It's been testing it's 25 DMA, which has been holding. At some point, I think it will rise, as it's searching for some catalyst to boost it. Yields have fallen a bit more and currently sit just under 0.64%, and near it's 50 DMA.
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