Mortgage rates dropped to a two-month low yesterday in anticipation of the jobs report today.
Treasuries rose, extending their first monthly gain since November, before a report that economists claim will show durable goods fell.
Yesterday we saw uncertainty around Italian elections, which led to a major sell-off in the stock market, and Dow posting it’s worst day of the calendar year.
News of increased manufacturing orders in December due today may boost consumer confidence and improve stock market yields.
The bond market is up this morning with the rally being driven by a disappointing unemployment report. There are still lesser economic numbers getting released throughout the day, which has the potential to move the markets.
Highlighted by multiple reports that will give an indication of the health of our economy, this week will be full of data for you to consume.
The markets got a dose of good news overnight. Banks in Europe decided to pay back a large amount of the money they borrowed.
The U.S. Government could not win yesterday in the eyes of the market. If they don’t raise the debt ceiling, then the government will default on their debt.
The mortgage-backed bond market is down slightly from Friday morning, and the market awaits this morning’s U.S. home sales report.
It’s earnings time, and mortgage income is helping the big banks out like Wells, Chase, Morgan Stanley and even Bank of America. GE released earnings yesterday that beat estimates.