Daily Market Update 7/6/17

Mortgage rates faced upward pressure this morning as investors are concerned about tighter monetary policy from the European Central Bank.  In U.S. economic news, payrolls firm ADP estimated private sector job growth of 158,000 in June, below the consensus forecast of 180,000.  Separately, weekly Jobless Claims rose to 248,000, above expectations.  The Institute for Supply Management services index rose to 46.5, a bit higher than expected.  Readings above 50.0 indicate expansion in the services sector of the economy.  No other key data will be released today.  The closely-watched Non-farm Payrolls and Unemployment Reports for June will be released tomorrow at 8:30 AM.

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