There were no major economic reports released today and the week's calendar is on the light side. The major Stock Indexes are trading lower as investors take some profits due to record high levels. Mortgage Bonds are trying to stabilize after Friday's big drop due to the much better than expected Jobs Report. Investors tend to shift out of the safe haven of the Bond markets and into more riskier assets when there is positive economic data.
Over in the mortgage market, the Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, fell by 1.8% in the latest week. The refinance index fell by 2% while the purchase index declined by 1%. Home loan rates rose in the summer months, easing demand for home purchases and made refinancing less attractive.
In corporate earnings, ahead of the kick off to the holiday shopping season, 155-year old Macy's (M, $50.55, +$4.22) reported strong profits in its latest quarterly earnings report. The retailer reported earnings of 47 cents, well above the 39 cents that was expected and an increase of 31% from a year ago. The company said it has seen improvement in the sales trend in every region of the country compared with the spring season. Macy's will open its doors to consumers at 8:00pm on Thanksgiving to kick start the holiday shopping season.
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