http://MikesDailyMarketReport.com:  New Home Sales rose 1.0% in July, as June's data was revised higher (from 676k seasonally adjusted annual units to 701k); and July came in at 708k.  Meanwhile, Stocks continue in the Positive Territory after yesterday's announcement of the FDA Approval for Pfizer/BioNTech vaccinations.  So, far about 90% of corporations of released their Q2 Earnings Reports, which most of them reported positive results.  Congress is still working to pass the Infrastructure and Spending bills; and Biden met with the G7 Leaders, whom are presumably trying to appeal to him to remain in Afghanistan past the August 31st date.  Meanwhile, MBS is Down about 9bps; however, yesterday, we had a late spike in MBS and closed at +20bps.  Lenders repriced for the better, as a resul... 08/24/2021

http://MikesDailyMarketReport.com:  The Markit PMI released it's Manufacturing and Services data today.  The Manufacturing dropped from 63.4 in July to 61.2 in August; and Services dropped from 59.9 in July to 55.2 in August.  Both slowdowns being attributed to the rise of COVID cases.  Existing Home Sales got a bump with an increase in supply over the summer, as it went up from 5.87 million seasonally adjusted annual units in June to 5.99 million in July.  Stocks are Up today, as Investors shrug off the Markit data, which only feeds into the Bad News is Good News.  Based on the Notes from the last FOMC, there was concern that the Fed may taper sooner than expected; however, based on more recent comments (notably by Fed Member Kaplan), then there may be some sentiment to hold on talks t... 08/23/2021

http://MikesDailyMarketReport.com:  There are no economic data to report today; however, next week will carry some heayweights, such as Q2 GDP and PCE.  But more importantly, Investors will be looking ahead for the Fed's Jackson Hole Symposium on Thursday (the 26th) to Saturday.  They'll be watching for any clues on tapering talk; as Fed's Kaplan (today) seemed to soften his stance on tapering after seeing the rise in the Delta variant.  Stocks are rebounding a bit today, as Investors cherry-pick stocks that took a bit of a beating this week.  Meanwhile, MBS is Down 6bps so far this morning.  Couple this with yesterday's late swoon, then Lenders will most likely have a little worse pricing today for Mortgage Rates.  Yields are testing it's Technical ceiling today and currently sits at 1... 08/20/2021

http://MikesDailyMarketReport.com:  The Business Activity around the Philadelphia region slowed up a bit in August, as the Philly Fed Index indicated that it droppe from 21.9 in July to 19.4 in August.  The Initial Jobless Claims reached a new low since the beginning of the pandemic, as it reported 348k applying for first time benefits; meanwhile, continuing claims continue to decline.  Obviously, this is good news, as (hopefully) more people are going back to work.  Lastly, the Leading Economic Indicators report 0.9% jump in July.  Stocks are being impacted by the release of the FOMC Minutes that were released yesterday.  There really wasn't news, as many of the Fed Members have been voicing the probability that the Fed could look to pull back on stimulus sooner than later since the FO... 08/19/2021

http://MikesDailyMarketReport.com:  Housing Starts dropped 7.0% in July, the numbers were 1.65 million seasonally adjusted units in June to 1.534 million in July.  However, Building Permits (future Housing Starts) rose 2.6%, which it's numbers were from 1.594 million seasonally ajusted in June to 1.635 million in July.  Meanwhile, the Markets are gearing up for the release of the last FOMC's Notes for any clues about discussion of tapering.  Investors will be looking ahead to next week's Jackson Hole's Symposium to see if the Fed drops any more clues.  We have already heard from several members whom support the discussion at Septembers meeting.  However, there are some whom think the Fed may want to see Septembers data before approaching the decision.  Hopefully, next week will be that ... 08/18/2021

http://MikesDailyMarketReport.com:  Retail Sales had a big miss in July, as it dropped 1.1%.  Part of the blame is being placed on Amazon moving up it's Prime Day to June,  Delta variant and Inflation.  However, Investors had a bigger drop in mind (part of the whisper numbers), as we'll touch in bonds/MBS' reaction to this news.  Industrial Production spiked to 0.9% in July; which is obviously good news!  However, Home Builders aren't so confident in August, as according to NAHB Home Builders Index, dropped from 80 to 75.  Lastly, Business Inventories picked up by 0.8% in June, as businesses prepare for workers to come back to work.  Stocks are nosediving today on the Retail Sales data.  China announced more restrictions on gathering private data on Tech companies, as they continue with... 08/17/2021

http://MikesDailyMarketReport.com:  The Empire State Index dropped from 43.0 in July to 18.3 in August.  Even though 18.3 is still a good number, it's the amount of the drop is something that will concern investors, as we deal with the Delta variant.  Meanwhile, Stocks are all in Negative Territory today, as Investors see a pretty steep drop in China's factory output and retail sales, as they lockdown for further control of the Delta variant; and it's potential impact here in the US.  Also, Investors begin to look into the impact of the Taliban's recapture of Afghanistan, as US forces leave the country.  Based on the higher jobs data of late, there's now speculation that the Fed may begin talking about tapering at it's September meeting.  Investors will be watching the Jackson Hole even... 08/16/2021

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 econom... 08/06/2021

http://MikesDailyMarketReport.com:  Initial Jobless Claims finally broke below 400k again, as it reported only 385k applied for first time benefits.  Continuing Claims broke below 3 million, as many of the extended benefits had expired; and Challenger Layoffs dropped by nearly 1.5 million (fewer announced job layoffs).  Stocks are up on the positive news from the economic data and positioning themselves for more possible news tomorrow with the BLS's Non-Farm Payrolls, which is expecting around 885k.  As a result, MBS is currently Down about 13bps, which Lenders priced in a little worse today with Mortgage Rates (from yesterday's close).  Meanwhile, Yields is sneaking it's head back above 1.20%; and currently sitting just  under 1.22%.  Please subscribe to my YouTube Channel at MikesDail... 08/05/2021

http://MikesDailyMarketReport.com:  The ADP released their Private Payrolls, which came in approximately half of it's estimates at 330k for the month of July.  HUGE Disappointment!!!!  This is the first of 3 jobs data this week for the month of July.  The biggie will be Friday, when we receive NonFarm Payrolls from Bureau of Labor Statistics, which is estimating approximately in the 800k range.  My personal feeling is we'll miss those estimates based on the higher initial jobless claims that we've witnessed last month (bringing our weekly average back over 400k).  Meanwhile, ISM Non-Manufacturing PMI rose to 64.1 in July.  The news by ADP initially sank stocks, but they began to recover when the hotter ISM data rolled out.  But a wet blanket was placed over that sentiment after Fed Vice... 08/04/2021

http://MikesDailyMarketReport.com:  Factory Orders rose 1.5% in June.  Tomorrow, we'll see the 1st set of Jobs data for July, as the ADP will release their Private Payrolls data.  We saw the increase in Initial Jobless Claims go back above 400k this past month, so I'm going with the assumption that the Jobs numbers won't look too good on Friday.  This could pose as a problem for MBS, as bad news could be good news for stocks.  This would possibly lead the Fed to continue with the accomodations for a longer period and boost stocks further in it's current highs.  This same sentiment is occuring today with Stocks, as they're in light trading today, but still in Positive Territory.  Investors are concerned about the rise in COVID cases, but view the Delta variant, as more of a slowing of th... 08/03/2021

http://MikesDailyMarketReport.com:  The ISM Manufacturing PMI dropped below 60 for the first time this year, as constraints in the supply chain show it's effect in Manufacturing data.  It came in at 59.5 for July.  Construction Spending only rose 0.1% for June.  Stocks are Up today, as comments by Fed Member Brainard indicated that the Fed will most likely not begin tapering talk at it's Jackson Hole meeting later this month.  She indicated they will want to see some data after kids have returned to school and people begin to go back to work.  So, Investors are thinking that the earliest that the Fed will begin discussing tapering will be it's November meeting.  Investors are keeping an eye on the progress of the Infrastructure bill in Congress.  MBS is off it's earlier highs, but still... 08/02/2021

http://MikesDailyMarketReport.com:  The PCE, the Fed's favorite measure for Inflation, rose 0.5% MoM in July, as it's YoY rose to 4.0%; whereas it's Core PCE (excluding food and energy) rose 0.4% MoM in July and it's YoY rose only to 3.5% (beating hotter estimates of 3.7%+).  The Employment Costs for Q2 rose 0.7% (lower than estimates).  Personal Income rose 0.1% in June; and Personal Spending rose 1.0% in June.  Business activity in the Chicago region spiked in July, as the Chicago PMI rose from 66.1 to 73.4.  According to the UofM Survey for Consumer Sentiment, it rose from 80.8 in June to 81.2 in July.  However, Stocks are in the Red today on the decent economic data (sometimes good news is bad news) and Amazon missed their sales number for Q2.  It was a very good number, but not eno... 07/30/2021

http://MikesDailyMarketReport.com:  Initial Jobless Claims continue to disappoint again, as they remain in the 400k range; which happens to be this week's report (400k exactly).  Another trend popped up, is the Continuing Claims, which is starting to rise again.  Something we'll need to watch closely!  We get our first look at Q2 GDP, which forecasts are calling for 8.5%; however, the report is very disappointing, as it is being reported at 6.5%.  We will get 2 more looks, which could be revised.  Pending Home Sales dropped 1.9% in June, which some are saying that it could be a cooling off period for housing.  We'll see!  Stocks are shrugging off the data today, as Investors are giving more weight to Corporate Earnings.  Meanwhile, MBS is showing signs of a possible trend reversal; and ... 07/29/2021

http://MikesDailyMarketReport.com:  The FOMC will wrap up their 2 day meeting today and give their announcement at 11am PST.  We're not expecting any rate changes and there won't be any dot plot released today.  Currently, the Market is waiting on the Fed, so it could get really choppy out there in the afternoon.  Investors are tiring of hearing the same rhetoric; and many are pushing for tapering to happen sooner than later, as inflation continues to rise.  The Stock Market is Mixed, as the DOW is currently the only index in the Red; however, it's very light trading, so it can quickly change.  MBS is currently Down 5bps, which puts Mortgage Rates in the same type of pricing as yesterday's close.  Yields climbed back above the technical level and sitting just a hair under 1.26%.Please s... 07/28/2021

http://MikesDailyMarketReport.com:  The Durable Goods Orders revised their May's numbers from 2.3% to 3.2%; whereas, it's June data disappointed with 0.8%.  Because of the May revision, it didn't affect the overall Markets.  When you exclude Transportation, then it only rose 0.3% in June (also, disappointing, as it was forecasted at 0.8%).      The FHFA Home Price Index (HPI), which measures homes with Conforming loans (loan amounts up to $548,250) rose 18.0% YoY in May; and Case Shiller, which measures the 20 largest cities in the US, rose 17.0% YoY in May.  Needless to say, Home Prices continued to rocket into the summer!  Consumer Confidence rose to 129.1 in July.  It will be interesting to see how it does in August, as more restrictions take place in many areas across the US due to ... 07/27/2021

http://MikesDailyMarketReport.com:  New Homes Sales dropped by 6.6% in June to 676k seasonally adjusted annualized units.  This is also on the heels of a lower revision to May's numbers, which dropped from the initial 769k to 724k.  Stocks are Mixed today, as they look ahead in the week, as the Fed will begin their 2 day meeting tomorrow and we'll have some members of the FAANG releasing their Q2 Earnings reports this week, including Tesla's being released after hours today.  NASDAQ is the lone index in Red, as US and China's relationship become a bit more contentious.  MBS started the morning a little higher, but it slipped back down to Unchanged levels, so Mortgage Rates remain unchanged from Friday's closing.  Yields were similar, as they remain under the 1.29% ceiling and currently ... 07/26/2021

http://MikesDailyMarketReport.com:  Today, we have IHS Markit PMI releasing their 2 reports, Manufacturing and Services.  The Services sector dropped down to 59.7; however, the Manufacturing sector rose to 63.1 in July.  Stocks continue their upward trend, based on Q2 Corporate Earnings Reports and keeping an eye toward next week's schedule of events (Q2 Earnings Reports for much of the High Tech Companies and FOMC).  MBS started the morning much lower, which Lenders whom release their ratesheets earlier on may have priced for the worse; however, MBS is Up 6bps.  So, Mortgage Rates should be priced now to the same pricing we found after yesterday's close.  Meanwhile, Yields are sticking around the 1.29%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are ... 07/23/2021

http://MikesDailyMarketReport.com:  The Initial Jobless Claims spiked last week to 419k (breaking back above the 400k level).  The good news is the Continued Claims dropped slightly.  NAR reported that Existing Home Sales increased from 5.78 million annualized units in May to 5.86 million in June.  Lastly, the Leading Indicators shows a 0.7% improvement for the month of June.  Stocks continue to rise today on continued strong Q2 Corporate Earnings releases.  MBS and Yields got a boost from the ECB's announcement today, which was very dovish and Bond friendly.  MBS is Up 19bps, which brings us back to same levels on Monday/Tuesday; whereas, Mortgage Rates improved back to those same levels.  Yields slid down to 1.26%, which is still a little higher than Monday/Tuesday levels.Please subsc... 07/22/2021

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