http://MikesDailyMarketReport.com: Housing Starts was a big disappointment today, as it was reported a HUGE miss of 1.569 million seasonally adjusted annualized units for April (off it's forecast of 1.71 million). This has everything to do with the supply and labor issues, which Builders are facing. Meanwhile, Building Permits (our future Housing Starts) rose a smidgen in April to 1.76 million. This tells us that Builders want to build, but are having issues with labor and supplies, in order to complete projects. Stocks are Mixed (NASDAQ lone index in Positive Territory), as Investors are torn between the poor economic data today and some really good Earnings Reports, as such Home Depot crushed it's numbers. Also, in the Mix are political discussions on a new Infrastructue bill, which Biden and Yellen will promote his $2.3 Trillion and the Republicans will be introducing their proposal today too. Megers and Aquisitions are making their way, as well! Yesterday, ATT and Discovery made their announcement; and today, it's Amazon and MGM. Meanwhile, MBS started the morning higher, but has slipped some. It's currently Down 2bps now. We didn't have much movement yesterday; and we're still within a sideways pattern, so Mortgage Rates have remained Unchanged. Yields have pretty much held at 1.65%
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