Commentary not quite at the close. The chart above shows that we are bumping against the ceiling of resistance. Tomorrow at 8:30 am EST we will see non-farm payrolls come out. The resistance and the floor may not matter in the numbers surprise the market. Stay tuned in.
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.
|4:03 PM The North Korean nuclear threat continues and the Syrian chemical attack weighs on Stocks.|
|4:02 PM Stocks lost some luster on negative geopolitical news out of Syria and North Korea.|
|4:00 PM The Dow, S&P and NASDAQ close modestly higher.|
|3:24 PM Stocks give up a chunk of gains. MBS unchanged and trade in a tight range ahead of the Trump/Xi summit in President Trump's Mar-a-Lago resort.|
|2:16 PM Legendary comic Don Rickles passes away at 90.|
|1:41 PM U.S. dollar index 100.64, +0.19.|
|1:32 PM Stocks move well into positive territory.|
|1:03 PM At midday, MBS modestly lower. Stocks holding decent gains. 10-yr yield 2.35%.|
|11:39 AM Next week, the Treasury will sell $24B 3-yr Notes on Monday, $20B 10-yr Notes on Tuesday and $12B 30-yr Bonds on Wednesday.|
|11:36 AM Freddie Mac reports that the 30-yr fixed conventional mortgage rate declined to 4.10% this week with 0.5 in points and fees.|
|10:39 AM MBS fell to session lows as Stocks are now trading in positive territory. Be on guard.|
|9:33 AM Stocks slightly lower soon after the open.|
|9:06 AM S&P futures edge higher after the lower-than-expected claims data.|
|8:35 AM 10-yr T Note yield 2.34%.|
|8:35 AM WTI oil at $51.44/barrel, +$0.28.|
|8:30 AM Weekly Initial Jobless Claims -25K to 234K, below the 245K expected.|
|8:18 AM The only economic report that will be released this morning is Weekly Initial Jobless Claims.|
|8:10 AM The Fed also said it would like to start reducing its balance sheet later in the year as opposed to 2018.|
|8:09 AM MBS open slightly lower as they continue to be capped by stiff resistance levels and ahead of tomorrow's Jobs Report for March.|
|8:04 AM Yesterday's Fed minutes revealed that some Fed members thought Stock prices were "quite high relative to standard valuation measures." That sent Stocks from lofty intraday levels to close in negative territory.|
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