FBI Comey will not recommend criminal charges against Hillary

November 7th, 2016

 

Commentary:

MBS ended slightly lower, despite the big rally in Stocks. Ahead of late Tuesday nights election results. This can be considered a good sign for bond, since stocks and bond typically compete for the same investment dollar. We are slightly below the important number of $103. Let me know if you have any questions or if we can help in any way.
Thanks,
John
 

MARKET WRAP: MBS traded in a tight range for most of the session, ending modestly lower. There were no economic reports due for release today. The 3% Fannie Mae 30-yr coupon fell 12bp to end the session at 102.97. Stocks blasted off on the FBI news that it will not pursue Ms. Clinton on her emails. The Dow surged 371.32 points to 18,259.60, the S&P rose 46.34 points to 2,131.52, while the Nasdaq soared by 119.80 points to end at 5,166.17. WTI oil closed at $44.89/barrel, +$0.84. 10-yr T Note yield 1.82%. There are no economic reports due for release tomorrow.

 

What Is Going On With Interest Rates?  #wigowir

 
Below is the news when it happened and the market’s reaction.  For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time.  When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.

At the Close this is the way the markets ended:

 

2:46 PM MBS trade in a tight range for most of today's session. S&P surges, but now off best levels for the day.

12:46 PM Nearing midday, Stocks surging, MBS modestly lower. 10-yr yield 1.82%. WTI oil $44.32/barrel, +$0.25.

12:21 PM The fear index, or the VIX, pushes lower in today's trading as Stocks surge. The higher the VIX, the more fear in the markets and vice versa.

11:39 AM Dow +310 points.

10:25 AM MBS continue to trade just below unchanged levels, despite the big risk-on rally.

9:32 AM The Dow soars at the open, +242 points.

8:50 AM Despite the big rally in Stock futures, MBS close to unchanged levels.

8:26 AM This week, the Treasury will sell $24B 3-year Notes on Tuesday, $23B 10s on Wednesday and $15B 30-year Bonds on Thursday.

8:22 AM U.S. dollar index 97.67, +0.58.

8:19 AM Economic data is virtually non-existent this week with just Weekly Initial Jobless Claims on Thursday and Consumer Sentiment on Friday.

8:16 AM MBS open slightly lower.

8:16 AM WTI oil $44.52/barrel. +$0.45.

8:15 AM 10-yr T Note yield 1.78%, up from Friday's close of 1.83%.

8:13 AM MBS open slightly lower as Stock futures surge.

8:09 AM Stock futures surging this morning after the FBI announcement.

8:08 AM FBI Director Comey said over the weekend that his agency will not recommend criminal charges against Democratic presidential nominee Hillary Clinton.

 

 

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
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