Wednesday, September 23, 2020

Daily Market Report 9/23/20 We have reports from Markit PMI for the month of September to report today.  The Market Manufacturing PMI rose from 53.1 to 53.5; and the Markit Services dipped from 55.0 to 54.6.  These are MoM from August to September numbers; and anything above 50 represents expansion.  Stocks are Down, even though they initially started positive, this morning.  It's a culmination of a variety of headline news, which has Treasury Secretary Mnuchin and Fed Chair Powell testifying for the 2nd day before another subcomittee in the House.  Johnson & Johnson becomes the 4th manufacturer to begin the final stage for COVID vaccination testing.  US and China are showing some more tit for tat type of behaviors, as President Trump calls out China for their role in the spread of the Coronavirus Pandemic; and China is considering blocking the sale of TikTok to US companies.  Investors are also concerns over possible legal hurdles that may take place after the US elections, as both parties fight for control.  There are a number of Fed members speaking today, which we don't anticipate any surprises, as the FOMC made their announcement last week.  MBS is currently Up 2bps, so Mortgage Rates continue to move sideways and remain Unchanged.  Yields are testing their 25 DMA and another Technical level; and currently sit near 0.68%.

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