http://MikesDailyMarketReport.com: The NFIB Small Business Index rose from 98.8 in July to 100.2 in August. This index indicates the confidence level for Small Business Owners, which make up the bulk of employment for US jobs. Stocks are taking another beating today. President Trump indicated over the weekend that he wants the US to not rely on China for manufacturing and wants to bring those manufacturing jobs back to the US. China's response was to start manufacturing their own microchips/processors and not be reliant on US Technology, which is especially hurting the Tech Stocks. Also, the CEOs for the Big Pharma companies whom are working on the COVID-19 vaccinations pledged to release only vaccinations that are safe and ready to be released to the public (looking for vote of confidence). MBS were up early in trade, but has pulled back (just below it's 25 DMA) so far this morning. It was Up 20 bps earlier, so Lenders on east coast would start off with better pricing; however, the pull back has rescinded about 11bps; and MBS is currently Up only 9bps. This means that Lenders on east coast are most likely looking to reprice for the worst, while the west coast is showing pricing similar to what we saw on Friday. Yields have come down to 0.68% so far this morning.
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