http://MikesDailyMarketReport.com: We don't have any impactful data to report from the Economic Calendar today. Stocks are trading in Mixed Territory today, as NASDAQ (this time) is the lone index in Red. We're beginning to review the Q1 Corporate Earnings Reports, which was financials being released today. Companies like JPM Chase, Goldman Sachs and Wells Fargo released their reports, which showed profits. Many of the financial companies will begin to show more profits, which is why investors had rebalanced their portfolios out of High Tech to Financials due to the rising Yields. Financial companies make more money in this environment. Also, Fed Chair Powell is doing a Q&A, which investors are listening for any changes in his comments regarding the economy and its recovery, along with inflationary data. MBS is currently Down 2bps, however, it got a boost yesterday, after it's 30 year Bond Auction, which went very well; and many Lenders did a reprice for the better. It closed Up 41bps yesterday. Mortgage Rates today remain Unchanged from yesterday's closing prices. Meanwhile, Yields tested the 1.62% floor yesterday, only to bounce up a little higher to 1.64% this morning. It's still below it's 25 DMA, which may provide us with a ceiling.
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