http://MikesDailyMarketReport.com: The Jobs data was a bit disappointing today, as the BLS reported that only 661k jobs were created in September. Even though, the Unemployment Rate dropped down to 7.9%, the numbers indicated that fewer people are participating in the Labor Market, as the Labor Participation Rate dropped a bit. The Average Work Week slightly gained from 34.6 hours per week, to 34.7 in September; and the Average Hourly Earnings rose only 0.1%. However, Consumer Sentiment rose from 78.9 to 80.4 in September. Lastly, Factory Orders rose 0.7% in August. Stocks are Down on the news of POTUS and FLOTUS' recent diagnosis with COVID. Investors will reevaluate if this might impact the upcoming election. Also, they're still waiting for another Stimulus package to be agreed upon and implemented, in order to move the economy forward. Meanwhile, MBS is Down 9bps. They were up ealier in the day, so the East Coast Lenders may be poised to reprice for the worse; while the West Coast should remain Unchanged. This shift happened as news broke about POTUS and FLOTUS. Yields are climbing, and are currently sitting at 0.70%,
Sorry for being MIA the past few days. Had some personal things to take care of. I will continue these videos, but for the next week, they will be out a little later than normal. Afterwards, it should go back to normal. Sorry, for any inconveniences!
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