June 5, 2020 - Market Update

Mortgage origination flows were slightly down, roughly 4% day over day at $8.07bln vs $8.42bln. U.S. equities closed mixed on Thursday with the S&P 500 Index lower by -10.52 points ending at 3,112.35, the DIJA up +11.93 points to 26,281.82, while the NASDAQ lost -67.10 points closing at 9,615.81. May Nonfarm Payrolls, expected to fall 7.5 million, only lost 2.5 million jobs.  

The Unemployment Rate, expected to rise to 19%, fell to 13.3% (compared to 14.7% last month).This suggests that the economy may be recovering from the fallout of the pandemic on a faster timeline.  There is some caution though as stimulus packages and the recent easing of business and travel restrictions are considered contributors to the current surge and may mean that government involvement could still be necessary if an upturn in spending and growth is not sustained.

Marks @ 7:29am
2 Year
.202%
10 Year
.855%
UMBS 2.5%
103-15+
UMBS 15 2%
103-00+

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