Thursday, June 2, 2022

Daily Market Report 6/2/22  ADP revised their April report lower to 202k (off from 247k).  It's May report came in (underwhelmingly) at 128k.  The Initial Jobless Claims reported 200k applied for first time benefits last week.  Labor Costs for the first Quarter were revised higher by 1% to 12.6%.  Although, we like to see people make more money, it's at the cost of higher inflation!  Productivity for the first Quarter was revised slightly better to -7.3% (from -7.5%).  Factory Orders only rose 0.3% in April, which is off from it's forecasts of 0.7%.  Overall, not a great day for economic data.  Microsoft announce a bleak forecast, which had the Markets listening.  We have a few Fed Speakers talking today; which Vice Chair Brainard did speak already and indicated that she doesn't want to see any pause with the rate hikes.  OPEC+ agreed to increase oil production for July and August, as production from Russia drops due to sanctions, which has the price per barrel still around $117.  After 2 days of negative movements in the Markets (both Stocks and MBS), Investors came back and have them in positive territory again.  MBS is ranging between both it's 25- and 50 DMA; and currently Up 13bps.  We got a slight improvement on our rate sheets today.  Yields are still sitting above it's 25 DMA, after breaking above the line yesterday, and around 2.92% currently.

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.

No comments:

Post a Comment