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Daily Market Report 9/17/20
http://MikesDailyMarketReport.com: The initial Jobless Claims reported 860k people applying for first time unemployment last week, which is down from 893k in it's previous report. Housing Starts pulled back in August, as it went from 1.49 million annualized units in July to 1.42 million in August. Also, Building Permits dropped from 1.48 million in July to 1.47 million in August. Manfacturing in Philadelphia region was down a little bit, but still in decent territory, in it's September report for Philly Fed Manufacturing, as it came in at 15.0. Stocks are Down this morning, as Investors' mood were less optimistic of a quick recovery. The Fed is providing all the right tools, which is positive, but they also indicated all of the unknowns and indicated this could be longer than what most had hoped for. MBS started the day much higher, but has since rescinded and is only Up 3bps (below it's 25- and 50 DMA); so, Mortgage Rates remain Unchanged from yesterday's pricing. Yields are still testing both their floor and ceiling, but have been sitting in the space between it's 25- and 100 DMA. It's currently at 0.68%.
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