http://MikesDailyMarketReport.com: ADP was way off from it's estimates (613k) for August, which came in at 374k. ISM Manufacturing PMI slightly rose from July to August, as it was reported at 59.9. Anything above 50 is considered expansion/optimism. Lastly, Construction Spending rose by 0.3% in July. Stocks are taking it's queue from the ADP report today and all are in Positive Territory, as Bad News is Good News sentiment takes over Investors. Why? Because it may allow them to drink the Kool Aid a bit longer, as the Fed continues to monitor the Jobs data. The most telling data will be released on Friday. Meanwhile, there were some pretty wild swings this morning with MBS, as it currently sits Down 2bps. Mortgage Rates will remain Unchanged from yesterday's close (as most Lenders repriced for the worse). Yields have dropped to just a hair under 1.31%.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.