http://MikesDailyMarketReport.com: We get to look at the first of 3 employment numbers for July today, starting with the ADP Employment. June's numbers were revised higher, from 2.37 million to 4.31 million. However, July's data was sorely disappointing, coming in at 167k. Investors are shaking it off a bit, due to the June's much higher revision. Markit Services PMI reached expansion territory, when it registered 50.0 on it's index. Also, the ISM Services Index jumped up to 58.1%. Both of these Services Indexes are reporting for July's numbers. Stocks took notice of the Service Industry data; the better than expected earnings reports that came out today; and comments by Steven Mnuchin regarding an agreed time frame, as to when Congress will complete a Stimulus package, which will be Friday. So, Stocks are in Positive Territory. MBS are currently Down 13bps based on the Market News, but also, the announcement of the volume being sold at auction, which the increase in supply is lowering prices (hence, increasing yields). Mortgage Rates are priced a little worse today (compared to yesterday's close). Yields are Up again, and sitting just under 0.55%.
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