mortgages: Daily Market Report 2/23/20
- 10/23/20 08:18 AM
http://MikesDailyMarketReport.com: The Markit Manufacturing PMI modestly rose by 0.1 to 53.3 in October; while it's couter-part, Markit Services PMI rose from 54.6 in September to 56.0 in October. Stocks are trading a little light this morning and in Mixed Territory (S&P is only index in Positive Territory), as Investors continue to watch for any progress toward a new Stimulus Package. Some Good News for Gilead, as it's remdesevir drug for hospitalized COVID patients gained FDA approval. The Q3 Earnings Reports continue to be release, however, nothing big to report there. MBS started lower, just above it's 100 DMA, and have moved … (0 comments)
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mortgages: Daily Market Report 10/22/20
- 10/22/20 09:38 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims dropped to it's lowest level since March. It was reported today that only 787k people applied for first time benefits last week, which is lower than forecasts of 860k. Existing Home Sales jumped up to 6.54 million annualized sales in September from 6.0 million in August. Leading Indicators were up 0.7% in September. Stocks are Down this morning on growing concerns that a new Stimulus Package won't be completed prior to the Election, as this is deemed necessary. Q3 Corporate Earnings are still being reviewed, including Tesla's, which was released. Investors are watching the progress (or lack … (0 comments)
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mortgages: Daily Market Report 10/21/20
- 10/21/20 08:19 AM
http://MikesDailyMarketReport.com: No economic data to point out today. The Stock Market is Up again today on continued optimism, as the White House and House are working on a deal for new stimulus; however, this could get help up by the Senate, whom have been calling for a smaller Stimulus package. The Fed Beige Book, which provides us with a Micro view of the economy around the various regions in the US, will be released later today. Q3 Corporate Earnings Reports continue to be released, whch a headline for Netflix disappointed, as they lost subscribers due to protests over one of their … (1 comments)
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mortgages: Daily Market Report 10/20/20
- 10/20/20 09:17 AM
http://MikesDailyMarketReport.com: The Housing Starts were revised lower in August, from 1.416 million annualized units to 1.388 million. In September, they rose to 1.415 million. Technically, they rose, but ultimately, it was nearly the same. Building Permits (future Housing Starts) rose from 1.476 million in August to 1.553 million in September, exceeding forecasts of 1.520 million. Stocks are in Positive Territory on news that there may be progress on a Stimulus Deal package. Also, to note, that the DOJ has filed an Antitrust Lawsuit against Google, so stay tuned! Q3 Corporate Earnings Reports are being released, but nothing big to report today. … (1 comments)
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mortgages: Daily Market Report 10/19/20
- 10/19/20 09:01 AM
http://MikesDailyMarketReport.com: The NAHB Home Builders Index indicate the growing confidence with Home Builders in the month of October, as it rose from 83 in September to 85 in October. Stocks started of in Positive Territory, but soon after, went into the Red. The hopes for a Stimulus package prior to the election is quickly dwindling down, which this optimism is helping to prop up both stocks a yields. The release of Q3 Corporate Earnings Reports will continue this week, which we have Netflix and Tesla being released this week. Investors were impressed with China's report for Q3, which grew to 4.9% … (0 comments)
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mortgages: Daily Market Report 10/16/20
- 10/16/20 09:51 AM
http://MikesDailyMarketReport.com: Retail Sales surprised investors, as it rose 1.9% in September on forecasts of 0.7%; even when you exclude Autos, it rose 1.4%. This adds to the Consumer Sentiment, which rose from September's number at 80.4 to 81.2 in mid-October. Capacity Utilization rose only by 0.1% to 71.5% in September; however, Industrial Production surprised the Markets with a drop of 0.6% on forecasts of an increase of 0.5%. This is something that we'll need to watch, as it could indicate negative numbers for the economy. Lastly, Business Inventories rose 0.3% in August. Stocks are Up this morning on the Retail Sales … (0 comments)
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mortgages: Daily Market Report 10/15/20
- 10/15/20 09:21 AM
http://MikesDailyMarketReport.com: We have a mixed bag of economic data today! The Import Price rose 0.3% in September (this is a low impact data point). The higher data points include the following Manufacturing reports: The Philly Fed Index rose to 32.3 in October and the NY Fed Index rose 10.5. However, the Initial Jobless Claims rose 58k from last week's report to 898k. Stocks are Down, as we've been seeing weakness from them this week! Sentiment toward possible higher COVID numbers and tighter restrictions in Europe, along with lack of progress on another Stimulus package is weighing on Investors' moods. More Fed … (0 comments)
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mortgages: Daily Market Report 10/14/20
- 10/14/20 09:02 AM
http://MikesDailyMarketReport.com: The Producer Price Index, or PPI, rose 0.4% in September; same for the Core PPI, which excludes food and energy. The Core PPI jumped from 0.6% in August to 1.2% in September on a Year over Year (YoY) basis. Surprisingly, this hasn't had much impact on the Markets. Stocks are Up this morning. Yesterday, they were all in Positive Territory; however, after I provided my report, the DOW and S&P went into the Red. We have more financial companies and banks releasing their Q3 Corporate Earnings today, which is having the most impact in the Market; however, the recent pause … (1 comments)
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mortgages: Daily Market Report 10/13/20
- 10/13/20 08:40 AM
http://MikesDailyMarketReport.com: The Consumer Price Index, or CPI, rose only 0.2% in September, as did it's Core CPI; however, it's YoY rose from 1.3% to 1.4% and it's Core remained Unchanged at 1.7% YoY. Stocks started the Morning in Positive Territory, as Q3 Corporate Earnings Reports begin to be released. Today, we're seeing a lot of Banks and Financial Institutions releasing their's. Johnson & Johnson paused their vaccine trials, as they experienced some issues. Apple and Amazon begin their special events today, as Apple is set to announce their new 5G capable iPhones and Amazon begins their 2 day Sales Event, Prime … (0 comments)
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mortgages: Daily Market Report 10/9/20
- 10/09/20 09:35 AM
http://MikesDailyMarketReport.com: The Wholesale Inventories rose 0.4% in August. Stocks are in Positive Trading on continued optimism of another Stimulus package. The talks are ongoing and seem to be mixed; however, this isn't affecting the optimism by the Investors. MBS opened below the 25- and 50 DMA and have crept up higher, but it's still Down 2bps from yesterday's close. Yesterday, the MBS lost more ground and closed just above it's 25 DMA. This combined loss of support has led Lenders to price Mortgage Rates a bit higher today. Yields are testing both it's floor and ceiling and moving within it's range. … (0 comments)
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mortgages: Daily Market Report 10/8/20
- 10/08/20 08:42 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims rose this week to 840k; up from last week's initial of 837k, which was revised a bit higher to 849k. Stocks are in Positive Territory, as Investors are feeling more renewed optimism on some sort of Stimulus package coming sooner, than later. MBS started the morning higher, but has pulled back some; and is Down 2bps. Mortgage Rates remain Unchanged. There are some possible positive signs developing for some improvement (see video on that). Also, Yields are being held in check with it's Technical level (just under) the 0.79%; and it's currently at 0.77%.
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mortgages: Daily Market Report 10/7/20
- 10/07/20 08:52 AM
http://MikesDailyMarketReport.com: The only economic data to report will come out at 11am PST, which is the Meeting Minutes from the FOMC last month. Stocks rebounded from yesterday's close; and are currently Up today. Last night, about an hour before Market close, President Trump tweeted out that he instructed the Republican Senate to halt negotiations with the Democrats on a second Stimulus package until after the election; and accused them of dealing in bad faith. However, a few hours later (after Market close), he tweeted that he'd be more than willing to send out individual Stimulus components (including the $1200 individual checks, … (0 comments)
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mortgages: Daily Market Report 10/6/20
- 10/06/20 09:30 AM
http://MikesDailyMarketReport.com: This week is light for economic data, which we have none to share today. Stocks are currently in Negative Territory, as Fed Chair Powell presented a speech this morning and reiterated the Fed's stance on more stimulus being needed from Congress; and it's better to give too much, than not enough. Otherwise, the economy will grow more slowly compared to receiving more stimulus; and more businesses may close and/or file for bankruptcy. MBS is fighting to stay above it's double floor of support (25- and 50 DMA); and currently Up 2bps. There's a lot of uncertainty in the Market, as … (1 comments)
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mortgages: Daily Market Report 10/5/20
- 10/05/20 10:17 AM
http://MikesDailyMarketReport.com: The ISM Non-Manufacturing PMI dipped a little in September, as it went from 57.8 to 56.9. This is still in expansion territory! Stocks are Up, as it is being reported on President Trump's recovery from COVID is improving, and he may be released from Walter Reed today. Investors are reviewing the Election Polls and any hope for a Stimulus Package to be done soon. Meanwhile, MBS has Dropped 22bps and have been testing it's double-layer of support (25- and 50 DMA). This will tend to lead to a little bit higher Mortgage Rates today (usually about 0.125% to the rate). … (0 comments)
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mortgages: Daily Market Report 10/2/20
- 10/02/20 10:59 AM
http://MikesDailyMarketReport.com: The Jobs data was a bit disappointing today, as the BLS reported that only 661k jobs were created in September. Even though, the Unemployment Rate dropped down to 7.9%, the numbers indicated that fewer people are participating in the Labor Market, as the Labor Participation Rate dropped a bit. The Average Work Week slightly gained from 34.6 hours per week, to 34.7 in September; and the Average Hourly Earnings rose only 0.1%. However, Consumer Sentiment rose from 78.9 to 80.4 in September. Lastly, Factory Orders rose 0.7% in August. Stocks are Down on the news of POTUS and FLOTUS' recent … (0 comments)
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mortgages: Daily Market Report 9/29/20
- 09/29/20 09:08 AM
http://MikesDailyMarketReport.com: The Case Shiller Home Price Index jumped from 4.3% YoY appreciation in June to 4.8% in July. Nice spike! Also, Consumer Confidence jumped from 86.3 in it's previous report to 101.8 in it's September report. Stock indices are all in Negative Territory, as Investors pull back from last 2 days of buying, and before tonights US Presidential Debates. Meanwhile, Congress is still working toward another Stimulus round. The Democrats released $2.2 Trillion plan, which is meeting some resistance from Senate, as many want it scaled back a bit. Mnuchin and Pelosi continue dialogue that will hopefully find a bill that … (0 comments)
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mortgages: Daily Market Report 9/28/20
- 09/28/20 09:40 AM
http://MikesDailyMarketReport.com: There are no economic data to report today; but this week's Jobs Reports will be our Primary focus. Stocks are Up this morning. It's partly due to buyers coming back into the Market after several days (last week) of selling and some optimism for a 2nd Stimulus Package, based on recent comments by Nancy Pelosi. China reported increased profits in their Industrial Sector, which is generating better sentiment to improving global economy. Also, a Federal Judge blocked the ban on TikTok, as US and China have been facing rising tensions. MBS started the day lower; however, it's currently Up 3bps. … (0 comments)
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mortgages: Daily Market Report 9/25/20
- 09/25/20 09:38 AM
http://MikesDailyMarketReport.com: Durable Goods Orders' MoM for August disappointed, as it only represented 0.4% growth; after a 11.7% for July. The CapEx rose 1.8%, which wasn't too bad. This is the data for Durable Goods Orders without the big ticket items (like transportation, defense, air planes), which can make the numbers a bit lopsided. Stocks are trading in Positive Territory this morning without much headline news to report. Investors are still looking toward some resolution for another Stimulus Package from Congress. MBS is Up 13bps, breaking above it's double-layer of resistance (25- and 50 DMA). This has led Lenders to provide better … (0 comments)
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mortgages: Daily Market Report 9/24/20
- 09/24/20 09:25 AM
http://MikesDailyMarketReport.com: Weekly Jobless Claims were revised higher by 6k in last week's report; and came in about 4k higher this week from the revised number, at 870k. A silver lining is New Home Sales, as they jump to 1.01 million annual units for August. This is the first time since 2006 since they've topped the 1 million mark! Stocks have been tip-toeing back-and-forth between positive and negative territory this morning; however, as I did this video, all 3 indices were in Positive Territory. The Market is being influenced by the gridlock with Congress on a 2nd CARES plan and worries over … (0 comments)
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mortgages: Daily Market Report 9/23/20
- 09/23/20 09:46 AM
http://MikesDailyMarketReport.com: We have reports from Markit PMI for the month of September to report today. The Market Manufacturing PMI rose from 53.1 to 53.5; and the Markit Services dipped from 55.0 to 54.6. These are MoM from August to September numbers; and anything above 50 represents expansion. Stocks are Down, even though they initially started positive, this morning. It's a culmination of a variety of headline news, which has Treasury Secretary Mnuchin and Fed Chair Powell testifying for the 2nd day before another subcomittee in the House. Johnson & Johnson becomes the 4th manufacturer to begin the final stage for COVID … (0 comments)
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http://MikesDailyMarketReport.com: The Markit Manufacturing PMI modestly rose by 0.1 to 53.3 in October; while it's couter-part, Markit Services PMI rose from 54.6 in September to 56.0 in October. Stocks are trading a little light this morning and in Mixed Territory (S&P is only index in Positive Territory), as Investors continue to watch for any progress toward a new Stimulus Package. Some Good News for Gilead, as it's remdesevir drug for hospitalized COVID patients gained FDA approval. The Q3 Earnings Reports continue to be release, however, nothing big to report there. MBS started lower, just above it's 100 DMA, and have moved … (0 comments)
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