Wednesday, March 3, 2021

Daily Market Report 3/3/21 The ADP reported only 117k new jobs for February, which was disappointing, as forecasts were looking for 177k.   The ISM Non-Manufacturing PMI dipped from 58.7 in January to 55.3 in February; which means that the Services Industry pulled back a little bit in February.  Stocks are in Mixed Territory, as the DOW remained the lone index in Positive Territory (currently).  Europe received some good economic data earlier today, which started a selloff of Bonds/Treasuries there and continued here in the US, as Yields are topping near 1.48%.  Investors are hopeful about Biden's announcement to accelerate the vaccinations and trying to get back to some normalcy.  As mentioned previous, there's a bit of a selloff on MBS today, as they are currently Down 28bps; so, Mortgage Rates worsened (this is mostly about an 0.125% difference in the rate).

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