Wednesday, December 2, 2020

Daily Market Report 12/2/20 The ADP, which will be the first of 3 jobs data that we'll see this week, had a revision higher to last week's report.  It was initially stated that 365k new jobs in the Private Sector were created for October; however, it was revised to 404k.  It dipped to 307k in November on forecasts of 410k.  Stocks are taking a breather after a very strong November and yesterday's rally.  A few headline news includes the UK approving emergency vaccines from Pfizer and BioNTech; Stimulus negotiations hit a snag when Mitch McConnel reiterated his point on a "targeted stimulus" position in lieu of a broader base; and Mnuchin and Powell continue their testimonies to Congress, as they meet before a House Committee today.  MBS are Up 5bps this morning after a bit of a rough day yesterday.  We closed Down 33bps yesterday, which led Lenders to re-price for the worse.  So Mortgage Rates will fall closer to yesterday's pricing after close, or a bit higher than yesterday morning's report.  Yields were pushing higher earlier this morning and have shown some weakness.  It's sitting just under 0.95%, after pushing upwards around 0.96%.

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