Thursday, September 24, 2020

Daily Market Report 9/24/20  Weekly Jobless Claims were revised higher by 6k in last week's report; and came in about 4k higher this week from the revised number, at 870k.  A silver lining is New Home Sales, as they jump to 1.01 million annual units for August.  This is the first time since 2006 since they've topped the 1 million mark!  Stocks have been tip-toeing back-and-forth between positive and negative territory this morning; however, as I did this video, all 3 indices were in Positive Territory.  The Market is being influenced by the gridlock with Congress on a 2nd CARES plan and worries over a possibly long drawn out legal battle over the  upcoming US Presidential elections.  Treasury Secretary Mnuchin and Fed Chair Powell continue with their 3rd day of testimony before Congress; as they sit before a Senate Committee today.  Also, there are a number of Fed Members speaking today.  We don't anticipate any market movement from these latter Fed talk.  MBS is challenging it's 25 DMA and just below it's 50 DMA, as it tries to break above.  It's currently Up 9bps.  Mortgage Rates will be a little better priced today, as the Market had slight improvement yesterday, along with the current movement.  Yields are still trending between it's 100- and 50- DMA, as it sits just a hair below 0.67%.

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