Daily Market Report 8/6/21

By
Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their Jobs data today, which is the catalyst for the week!  The Average Earnings rose 0.4% July, while Average Workweek Hours increased to 34.8 hours.  The BIG news came in for Non-Farm Payrolls, which was 943k in July; and June's numbers were revised higher by 88k.  Meanwhile, the Unemployment number dropped by 0.5% to 5.4% in July.  On the lighter side, Wholesale Inventories rose by 1.1% in June.  I was wrong with my assessment of the Jobs data this week.  I initially thought it might take more time for those to return to work may take more time and see the spike in August's numbers, which we will probably still see more spikes ahead, as more states remove their extra benefits.  Overall, excellent economic report!  Stocks are Mixed, as NASDAQ is lone index in Red today.  MBS was handed the short-straw today, as it's currently Down 23bps and touching off it's 25 DMA.  Mortgage Rates rose a bit today, as a result.  Likewise, Yields touched off it's 25 DMA and is currently sitting at 1.29%.  This could be a trend to begin worsening, as Investors look to renewed taper talk.

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Comments (2)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Mike,

Thanks for your report, I liked that more Jobs were created last month.  As for the stock market, it yo yos on the slightest of news up and down...LOL A

Aug 06, 2021 02:47 PM
Mike Bjork

The Stock Market certainly does act like a yo-yo.  Never know exactly how it will be impacted, as logic would indicate that good news is good for stocks; however, there are days that bad news is also good for stocks.  It can be quite finnicky! 😅

Aug 16, 2021 09:46 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

With more people returning to work, you would think that the future would hold the prospect of increasing home sales.

But...with such low inventory, what we see is homes selling in a record short time and ever increasing prices.

Aug 09, 2021 03:05 PM
Mike Bjork

Absolutely, John!  We have migrations happening all over the country to just having specific needs to be met.  It's been a pretty crazy year and a half, thus far; and still uncertainty ahead!

Aug 16, 2021 09:48 AM