Market Snapshot November 2, 2018
Good Friday A.M.,
Bonds are off considerably following the strong non-farm payroll report and factory orders (250k new jobs created and hourly wages up 3.1%, wow). Although yesterday’s closes was strong and broke the downward trend, the news today has undone this and sent us down to the bottom of the range. Stocks opened up on the data and also on Mr. Trump’s progress on trade talks with China. That was until someone in the White House reset the expectation on Trade and Tariffs that the talks had not bore any fruit yet.. Stocks turned to sell mode. The Dow down 113 and bonds still getting beat with an ugly stick. The 10yr is at 3.20% and mortgage bonds -27bps (rut row). I’m hoping that we see a bit of a bounce from here. If not, we are in lock mode. 3.21% on the 10-yr then 3.25% on the 10-yr and then 3.60% on the 10-yr…
That’s all I have for today.
Enjoy the weekend, make today great, be kind and have courage.