http://MikesDailyMarketReport.com: The Initial Jobless Claims dropped to 364k last week, which is a new low since the Pandemic hit; so, solid numbers! The ISM Manufacturing dropped from 61.2 in May to 60.6 in June. The data disappointed, but is still solid, as anything over 50 is in expansion territory. Manufacturing is dealing with large backlogs of new orders while dealing with supply and labor shortage issues. Lastly, Construction Spending dropped 0.3% in May. Stocks are in Mixed Territory, as NASDAQ is being weighed down by higher Yields (up to 1.48% currently). There are a few Fed Speakers, so Investors will keep a close ear to what they say. OPEC+ is meeting to discuss a pullback of approximately 500k/day in barrels production, as oil futures top $75/barrel. The WHO announced a 10% spike in cases in Europe, which broke a 10 week decline. Investors will monitor the situation, as it could potentially lead to renewed lockdowns in the future. MBS ended up closing down 2bps yesterday, which I indicated a possible trend reversal. Today, it's currently Down 6bps. Mortgage Rates have not changed; however, Lenders can do a Lender reprice for the worse, if this trend continues. Tomorrow will be the Big Day for economic data, as the BLS will release it's Non-Farm Payrolls and Unemployment data. Investors will be looking for a "Goldilocks" number, so it's not too hot, or too cold. They want the economy to progress, but not at a pace that will drive the Fed to taper too much, too quickly.
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