http://MikesDailyMarketReport.com: ISM Manufacturing PMI rose to 61.2 in May (up from 60.7 in April). Also, Construction Spending rose only 0.2% in April; however, it's March number was revised higher from 0.2% to 1.0%. Stocks are Mixed after initially starting in Positive Territory; however, the ISM Manufacturing PMI report disappointed S&P and NASDAQ, as the reported reiterated the Labor and Supply shortage. Investors seem to be buying into the Fed's Inflation message now, as they shrugged off last Friday's inflation data. We have a few Fed Speakers today, as their speaking engagements will go into a Blackout ahead of their FOMC on June 15-16. MBS started down 17bps, so Lenders priced Mortgage Rates a bit worse. However, it's subsiding quite a bit and is Down only 5bps now; so, Mortgage Lenders may be coming into position to re-price for the better (assuming this continues to improve). This would bring us to Unchanged pricing from Friday's close. Yields had spiked to 1.63% range; and also have subsided down to 1.61% (breaking back below it's 25- and 50 DMA and a Technical level).
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