Friday’s bond market has opened in positive territory as investors look to close the year out on a positive note. The stock markets are showing minor losses of 18 points in the Dow and 11 points in the Nasdaq. The bond market is currently up 10/32, which should improve this morning’s mortgage rates by approximately .125 of a discount point.
There is nothing of importance this morning, making it highly likely that we will crawl into the end of the year. As expected, trading is extremely light this morning and there is no reason to think that will change before today’s 2:00 PM ET close. The stock markets are technically open all day, but it doesn’t look many traders went to work. We will probably see a little fluctuation in the major indexes and bond prices, but I would be highly surprised if we saw significant movement or an intra-day change to mortgage rates.
Next week brings us the release of several relevant economic reports. The week opens and closes with important reports, giving us a good look at current economic conditions. Monday has December’s Institute for Supply Management’s (ISM) manufacturing index. This is usually the first most current report we see month. It is posted the first business day of the month and covers the preceding month. The data tracks manufacturer sentiment, giving us an indication of manufacturing sector strength. It is considered to be one of the more important reports we see each month.