Thursday, February 3, 2022

Daily Market Report 2/3/22  The Initial Jobless Claims dropped 23k from last weeks report to 238k this week's report.  The initial or preliminary look at Labor Costs for Q4 were up only 0.3% after seeing 9.3% in the Q3.  Hopefully, this means that inflation will subside!  Meanwhile, the preliminary look at Q4 Productivity rose 6.6% after a drop of 5.0% in Q3.  The ISM Non Manufacturing PMI dropped from 62.3 to 59.9 in January, as many retail stores, restaurants, etc... were hurt due to the omicron variant.  Lastly, Factory Orders dropped 0.4% in December.  Stocks are down on Facebook's disappointing Quarterly report and it's future forecasts.  Meanwhile, the Bank of England (BoE) raised their rates a 0.25% today; and the ECB primed the Markets for a rate hike at it's next meeting (in March) -similarly as our Fed.  The BoE rate hike hit our Bond Market pretty hard today, as the MBS dropped Down 33bps; and Mortgage Rates worsened a bit, as a result.  Yields jumped Up to 1.83%, breaking above another Technical ceiling.

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