Monday, November 30, 2020

Daily Market Report 11/30/20   The Chicago PMI, which measures manufacturing in the Chicago area, dropped from 61.1 to 58.2 (anything above 50 is considered growth or expansion).  However, Pending Home Sales dropped 1.1% in October.  Stocks are taking a bit of a breather, after a pretty big month, as all 3 indexes are in Negative Territory.  It was reported last night that President Trump may add 2 large Chinese companies to the Export Blacklist (SMIC, their largest chip maker, and CNOOC, an oil giant.  This doesn't appear to be affecting the Markets at this time.  Meanwhile, MBS is Up 8bps (after closing upwards of 25bps on Friday's short open).  So, you'll find an improvement with Mortgage Rates from Wednesday's rates (maybe as much as 0.25% to the rate improvement).  Yields have been pushed below it's 25 DMA again, and it's trying to work it's way back above it.  It's sitting just under 0.85%.

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