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Mark Hemingway

Mortgage Market Update for January 6th

Wednesday, January 8, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The U.S. financial markets kick off the week impacted by geopolitical headlines though both stock and bond prices trading near unchanged on the push-pull Middle East tensions coupled with positive U.S. - China trade headlines. U.S. stocks opened lower but have quickly shed losses as the session drags on. The markets will continue to take direction from the incoming geopolitical headlines.

Oil prices have gushed higher in the past week due to the Middle East tensions. The price for West Texas Intermediate oil has risen to near $65 from $50 seen back in November. The national average price for a regular gallon of gasoline is at $2.58, unchanged in the past month, but could spike higher on the Middle East tensions. The highest price ever recorded was $4.11 back on July 17, 2008.

Two key labor market reports will be released this week in a sector that has been a bright spot in a solid economy. ADP Private Payrolls will be released on Wednesday followed by Non-Farm Payrolls on Friday. Back in December, a report showed that U.S. employers added 266,000 new workers in the Non-Farm Payrolls report while the 3.5% unemployment rate was at a 50-year low. In addition, average hourly earnings have been on the rise which will continue to boost consumer spending.

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