http://MikesDailyMarketReport.com: Initial Jobless Claims dropped down slightly to 1.30 million people applying for first time benefits. Retail Sales rose 7.5% in June; and when you exclude Autos, it rose 7.3%. Manufacturing in the Philadelphia Region continues with strong numbers, as the Philly Fed Index reports it dropping from 27.5 in June to 24.1 in July; however, it was higher than it's estimates of 18.1. Business Inventories dropped 2.3% in May. Stocks are Down this morning, as they receive Q2 Earnings Reports. China reported less favorable consumer data, which has investors a bit concerned; as well as the tensions building between them and the US. MBS is Up 17bps, which will have Lenders come out with better pricing on their Mortgage Rates this morning. Yields have come down a bit and sit just under 0.61%.
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