http://MikesDailyMarketReport.com: The Empire State Index, which measures manufacturing around the NY region, posted a -0.7 for January, which is the first time in awhile that we've seen any contraction in manufacturing in the NY region since the beginning of the lockdowns during the Pandemic (March of 2020). Meanwhile, higher interest rates are concerning Home Builders' Confidence, as the NAHB Home Builder Index dropped from 84 in December to 83 in January. Meanwhile, both Stocks and Bonds are selling off! NASDAQ is being highly affected by the rise in Yields due to it's growth stocks losing it's higher profits due to higher Yields. An M&A was announced, which Microsoft is looking to buy Activision Blizzard to create 3rd largest Gaming company. And Q4 Corporate Earnings reports are being released, which Goldman Sachs announced today a loss for Q4. Meanwhile, MBS continues it's decline, which it's currently Down 42bps, as many Lenders continue to raise Mortgage Rates. Also, Yields have jumped up above another Technical level and is just under 1.85%. Unfortunately, we're not seeing any signs of a slow down.
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