Thursday, January 7, 2021

Daily Market Report 1/7/21 The Initial Jobless Claims technically dropped by 3k to 787k people applying for Unemployment because last week's report was revised higher by the same amount.  Also, we're still seeing a positive trend that Continuing Claims is declining each week.  The ISM Non-Manufacturing PMI came in a little hotter in December, as it reported a 57.2 on it's index (up from 55.9 in November).  Forecasts were calling for 54.6.  Stocks are Up on the Congressional Confirmation of Biden's election results and was boosted by the positive reading in the Services Sector.  They're treading new Milestones.  MBS is Down 11bps and testing it's 100 DMA.  Lenders will be pricing Mortgage Rates a bit higher, which should be the trend going forward due to the Georgia Runoff results.  Yields have continued to rise, just under 1.08% and testing it's next Technical Ceiling.  Yesterday's move above 1% was the first since the start of the lockdowns last March.

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