Daily Market Report 5/9/19

http://MikesDailyMarketReport.com:  We finally have some Economic data to report today.  We'll start with the Weekly Jobless Claims, which 228k people applied for benefits last week.  The previous reporting had 230k, so we'll need to watch this index for continued trend or just a temporary movement.  Inflation in the Whoesale sector rose 0.2% in April, as the Producer Price Index.  Wholesale Inventories dropped 0.1% in March.  Stocks are way down again today, as the saga continues between the US and China on their Trade Negotiations.  This event has been dominating the Investors concerns this whole week.  China has sent their delegation to Washington today.  Meanwhile, MBS is Up 9bps this morning.  But yesterday, we closed down 9bps, so this will bring Lenders to keep Mortgage Rates the same as yesterday's pricing.  Also, Yields have slid down to 2.43%.

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Daily Market Report 5/8/19

http://MikesDailyMarketReport.com: Nothing to report from the Ecnonomic Calendar today.  Geo-Political News continue to dictate the Markets.  US and China Trade Negotiations continue it's saga, as it makes Investors very uneasy.  Also, reports have come out of China that Imports increased, but Exports dropped.  Iran announced that they make renege on some of the compliance in the Nuclear deal, as their economy struggles with US sanctions.  MBS is only Up 2bps, so Mortgage Rates remain Unchanged.  Yields have dropped down to 2.45%.

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Daily Market Report 5/7/19

http://MikesDailyMarketReport.com: Another day without any data to report on the Economic Calendar.  Today is more of the same, as the reports on the warnings from President Trump to China was confirmed, as they indicated that Tariffs on $200 Billion of Chinese goods can rise from 10% to 25% with a Friday deadline on Negotiations.  There were concerns that China won't send their delegates to the US to continue with the Trade Talks, but was confirmed that they will attend on Thursday.  As a result, Stocks are way Down this morning.  However, they did rebound yesterday a bit from very low downs late in the day.  This confirmation may keep them down today.  MBS is currently Up 8bps this morning.  Due to the Markets improvement yesterday, which led MBS to finish -2bps, the Mortgage Rates remain Unchanged in their pricing today.  Yields have slid a little further down, to 2.47%.

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Daily Market Report 5/6/19

http://MikesDailyMarketReport.com: It's a light week for economic data, which there's none to report today.  So, we're taking our direction today from Geo-Political news.  President Trump tweeted that he will raise the $200 Billion in Goods imported from 10% to 25% by Friday, if a deal is not completed.  These were the same warnings earlier in the year, but the US held off while the talks continued in good faith.  This surprised the Markets, as they felt the completions of negotiations were imminent.  Stocks are deep in the Red this Morning.  MBS is Up 6bps, but not enough for Lenders to change Mortgage Rates from Friday's pricing, so they remained Unchanged.  Yields have rescinded down to 2.49%.

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Daily Market Report 5/3/19

http://MikesDailyMarketReport.com: The Bureau of Labor Statistics released their Job Numbers today.  The Nonfarm Payroll exceeded their forecast of 213k to 263k; and the Unemployment Rate dropped from 3.8% to 3.6% (lowest reading since 1969) for the month of April.  The Average Hourly Earnings continued it's trend of rising 0.2%, as it's YoY remained at 3.2%.  Markit Services PMI rose from 52.9 to 53.0 in April; as ISM Nonmanufacturing Index dropped from 56.1% to 55.5% for April.  Stocks are liking the Jobs data and trading in Positive Territory this morning.  MBS is currently Up 9bps.  Some Lenders may be inclined to improve their Mortgage Rate pricing.  The Market has mainly moved sideways, so if they do improve, the it will be very slightly; so, for the most part, Mortgage Rates are Unchanged.  Yields remain in the 2.52% range.

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Daily Market Report 5/2/19

http://MikesDailyMarketReport.com: Weekly Jobless Claims report that 230k people applying for Unemployment Benefits, same as previous week's number.  Q1 Productivity jumped Up 3.6%, while Q1 Unit Labor Costs dropped by 0.9%.  Factory Orders jumped Up 1.9% in March.  So overall, a very good news from the Economic Calendar.  However, the Stock Market started the morning off in Positive Territory, then shifted into Negative Territory.  Investors didn't care much for the Fed's announcement yesterday, calling Inflation transitory (as it's been under it's 2% target rate) and stating that the next rate movement may not be a rate cut.  Investors were hedging that there will be a 60% chance of a rate hike by end of the year; however, now it shifted to 49.9%.  There are reports that China and US are close to agreement and may announce it's conclusion by next week, as they continue to close the gaps.  MBS is currently down 8bps, so Mortgage Rates continue it's sideways pattern and remain Unchanged.  Yields climbed Up again, back to it's 2.52% range.

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Daily Market Report 5/1/19

http://MikesDailyMarketReport.com: ADP is starting the jobs numbers for this week in the right direction, as they reported 275k new jobs in the private sector.  However, in the Manufacturing sector, we have 2 conflicting reports.  The Markit Manufacturing PMI increased from 52.4 to 52.6 in April; whereas, the ISM Manufacturing Index dropped from 55.3% to 52.8% in April.  Construction Spending dropped 0.9% in March.  Later today, around 11:15am PST, the Fed will wrap up their 2 day meeting and provide their announcement.  There is not expected to be any rate movement today.  However, the Investors will be listening for clues on possible rate movement in the future and their forecasts.  Stocks are trading modestly in Positive Territory this morning, ahead of the Fed Announcement.  Corporate Earnings Reports continue to sway the Markets.  MBS is currently Up 5bps, but not quite enough to move Mortgage Rates, so Mortgage Rates remain Unchanged this morning.  Yield have slide down to 2.48%.

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