Thursday, February 4, 2021

Daily Market Report 2/4/21 The Initial Jobless Claims improved this week, as it reported only 779k people applying for first time benefits; and last week's report was revised lower by 35k.  We're also seeing a decline in the continuing claims, which is good news, as more people are going back into the workforce.  Labor Costs jumped 6.8% in the initial Q4 Labor Cost Index; and the Q4 Productivity Index dropped 4.8%.  However, Factory Orders rose by 1.1 million in December (beating estimates of 700k).  Stocks are Up on the recent Jobs data this week, which we have the (big data) Bureau of Labor Statistics reports coming tomorrow.  Also, many of the companies reporting the Q4 Corporate Earnings reports are coming in better than expected.  Investors are feeling a bit better this week, even though they're keeping one eye on the COVID data and it's impact on the economy.  MBS is currently Down 5bps.  It closed Down 20bps yesterday.  Many Lenders didn't reprice for the worse yesterday, so they'll show the worse pricing in today's ratesheets.  Those whom did reprice yesterday, will most likely have similar pricing as their close.  Yields tested their next Technical ceiling earlier this morning, but have since pulled back.  We could see a potential pull back in Yields very soon, which will help out MBS.  Yields are currently at 1.14%.

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