http://MikesDailyMarketReport.com: After a big month in March, Retail Sales declined by 0.2% in April; when you exclude Autos, then it declined by 0.1%. The Empire State Index reported an improvement in Manufacturing in the NY region, as it went from 10.1 in April to 17.8 in May. Industrial Production dropped 0.5% in April, which Capacity Utilization dropped from 78.5% to 77.9% in April. Business Inventories remained still (0.0%) in March. The NAHB Home Builders Index reports that Home Builders are more confident in May, as the index jumped from 63 to 66. Stocks started the morning in Negative Territory, but has since moved into Positive Territory. The negative number in Retail Sales, coupled with the Uncertainty with the US/China Negotiations, soured Investors earlier on. Also, theres were a few poor economic data being reported out of China today too. MBS is Up 9bps, so Mortgage Rates will Improved based on today's movement and yesterday's positive movement. Yields have slid down to 3.37%.
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