http://MikesDailyMarketReport.com: We have a few manufacturing reports today, which the first is Markit Manufacturing PMI remained Unchanged at 39.8 in May; and it's counter-part, the ISM Manufacturing Index rose from 41.5% to 43.1% in May. Below 50 on these indexes mean contraction. Construction Spending dropped 2.9% in April, which was lower than the 6.8% drop forecasted. Stocks are in Positive Territory this morning on the ISM data. China reported positive manufacturing data on their Caixin index, which showed it just above 50 (expanding territory). Tensions are growing between the 2, as US is removing Special Status on Hong Kong; and China is pulling back on their purchases of US' Agriculture. Protests around the US raises more concerns, including a 2nd wave of covid-19. MBS is Unchanged from Friday's close, and Mortgage Rates remain Unchanged, as well. The 25 DMA and 50 DMA are nearly crossing, which is about to force the MBS to move in either direction (higher or lower). If it rises, then we will see improvements in Mortgage Rates; and the opposite will happen, if it drops. Yields are facing similar pattern, as it sits just below it's 50 DMA at 0.68%.
If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
Check out and "Like" my Facebook page for Real Estate Agents at FreeHelpForCARealEstateAgents
Comments(2)