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Daily Market Report 1/03/19

By
Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com: ISM Manufacturing Index disappointed, as it dropped in December (going from 48.1% in November to 47.2% in December). Analysts may begin to disregard this report in the near future, as Boeing intends to halt their 737 Max production in January. Production by Boeing make up a very large component of the index, which will complicate the data being reported thereafter. Construction Spending rose by 0.6% in November, exceeding expectations. Later today, the FOMC Minutes will be released. Typically, this could move Markets, but the last meeting was unanimous in their interest rate vote, so we don't anticipate any surprises. Stocks are in the Red this morning on news that tensions are heightening between the US and Iran, as the US sent in an Drone Strike to a Baghdad airport that killed the Iranian top military commander. Iran stated they will revenge. This is on the heels of back and forth attacks recently that have left casualties on both sides. MBS is gaining on this news, as Investors go to "Flight to Safety" by pulling their investment money from "risky" equities to the safe haven of bonds. MBS is Up 14bps, so Mortgage Rates improved a little bit today. This Geo Political news may help to keep Bonds higher, which we'll keep watching. Yields have slid down to 1.83%.

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Comments (1)

Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

Appreciate the update. Best wishes and good luck in 2020!

Jan 03, 2020 09:57 AM
Mike Bjork

You're welcome, Jeremy!  Have a good one!

Jan 06, 2020 01:40 PM