Thursday, September 3, 2020

Daily Market Report 9/3/20  Initial Jobless Claims dropped from an upward revised number last week of 1.011 million people applying for first time benefits to this week's 881k.  The Final revision to Labor Costs dropped from 12.2% to 9.0% in Q2; and Productivity rose from 7.3% to 10.1%.  ISM Non-Manufacturing PMI dipped from to  58.1% in July to 56.9% in August.  However, the IHS Markit Services PMI increased from 54.8 in July to 55.0 in August.  Anything above 50 in these 2 indices indicate growth/expansion.  Stocks are WAY Down this morning, being led by Tech Stocks.  This looks like a bit of a correction, but also Investors are getting a bit discouraged by the lack of progress from Congress on a Stimulus package.  MBS is trending upwards, and currently Up 8bps, which means that Mortgage Rates are improving.  Yields have fallen pretty hard, and currently down below it's triple layer of support.  It's currently sitting just under 0.62%.

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