Services PMIs, Factory Orders, More Earnings. What’s going on with mortgage data?
Good morning contrarians! Wanted to wait for mortgage data before publishing today’s briefing. Good thing I waited because there was a bit of a reversal there. It may make sense to have this later publication time be the regular policy for Wednesday’s briefing.

Anyway, mortgage applications gained 1.2% over last week, compared to a decline of 1.8% in the prior week. The 30-year mortgage rate is down to 5.4% from 5.74% last week. That’s quite a reversal. Not entirely sure what it’s about. May be a glitch. Markets don’t seem to be moving much on the news.

We’re looking at a shift to risk-on after Nancy Pelosi spooked markets a bit with her visit to Taiwan yesterday.

Positive earnings this morning from $CVS, $BWA, and $TUP. $UA mixed. $SMG lowered guidance.

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