http://MikesDailyMarketReport.com: The Markit Manufacturing PMI, as expected dropped to 57.5 in May; and Markit Services PMI dropped to 53.8, below expectations. New Home Sales dropped 16.6% in April to 591k of seasonally adjusted units, as the spike in Mortgage Rates takes it's toll on New Homes. Stocks are Down again, as more Corporate Earnings continue to disappoint due to inflationary costs cutting into Profit Margins. As stocks drop, investors transfer those investment dollars over to MBS, as MBS is Up 52bps so far this morning. This means that Mortgage Rates improve a bit today, as they slowly approach it's 50 DMA now in it's chart. Likewise, Yields have dropped down to 2.74%.
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