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Market Commentary go to market commentary


Updated on February 5, 2016 10:54:59 AM EST Friday’s bond market has opened in negative territory following conflicting economic news. The stock markets are also showing losses with the Dow down 126 points and the Nasdaq down 82 points. The bond market is currently down 11/32 (1.88%), but the increase we see in this morning’s mortgage rates should be limited to just .125 of a discount point if comparing to Thursday’s early pricing.
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Today’s only relevant economic data was the almighty monthly Employment report for January at 8:30 AM ET. It gave us several key readings on employment sector strength. Those readings gave us mixed results, hence the relatively muted response to the data initially before slipping into negative territory. The first headline number was the 4.9% unemployment rate that was lower than the 5.0% that was expected. Next up on the bad news chart was average hourly earnings that rose a surprising 0.5% when analysts were expecting to see only 0.3%. Rising wages concern traders because workers have more money to spend and the products/services businesses produce are likely to cost more to offset that increase.


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