The bulls and the bears are monitoring the trading floors carefully this April Fools Day, looking not to be entertained, but for signs of where King Market may be traveling next.
The ISM and S&P Purchasing Managers Index reports both revealed weakness in the Manufacturing Sector. Yesterday’s Chicago PMI was more optimistic than either of today’s, but nobody rereads yesterday’s news. Manufacturing may turn the corner and ramp up big time after the tariffs are implemented today, which will also cause markets to reverse course. But for now, slumped manufacturing coupled with this morning’s JOLTS report showing fewer job openings is giving mortgage pricing a boost and keeping rates at 2025 lows.
