MBS prices are down about 8/32 this morning while the DOW is down about 270 points as investors overhauled their views on interest rate cuts after a blowout jobs report ahead of a week of key inflation data and the start of earnings season. Oil jumped more than 3% this morning, extending their biggest weekly gains in over a year as traders price in whether Israel’s expected response to Iran’s recent attack will involve targeting the country’s petroleum fields.

MBS prices are down about 12/32 this morning while the DOW is up about 200 points as investors welcomed a key monthly jobs report that showed hiring remains robust in the US economy. The Middle East crisis and a return to work at US ports also stayed in high focus. U.S. Treasuries have slid to lows, with shorter tenors leading the move, after the September jobs report beat expectations by a sizable margin. Hiring activity was much stronger than expected in September, the unemployment rate fell, and average hourly earnings increased more than expected.

MBS prices are down about 6/32 this morning while the DOW is down about 220 points as the focus tentatively turned back to the economy and the monthly jobs report. Some calm has returned to a market rattled by escalating Mideast tensions that have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran’s missile strike yesterday amid efforts by Western and regional leaders to stabilize the situation. Investors are now bracing for the highly anticipated September jobs report tomorrow after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.

MBS prices are down about 6/32 this morning while the DOW is down 40 points as escalating Israel-Iran tensions fanned worries about a wider Middle East conflict, prompting caution in the market. In focus are the chances the run-up in oil prices could push up US inflation, disrupting the progress made by the Federal Reserve. At the same time, Mideast tensions and the US port strike risk hampering supply chains, spurring concerns about the US economy — just when investors were becoming confident in a “soft landing.”

MBS prices are up about 9/32 this morning while the DOW is down about 280 points as investors assessed a new batch of economic data. Meanwhile, reports that Iran is preparing a potential missile strike against Israel pushed bond yields lower and boosted the price of crude oil. Today’s economic reports showed that the September ISM Manufacturing Index checked in at 47.2% (Briefing.com consensus 47.7%), unchanged from August. The dividing line between expansion and contraction is 50.0%, so the September reading suggests the pace of contraction in the manufacturing sector was the same as the prior month. This was the sixth straight month (and 22nd out of 23) that economic activity in the manufacturing sector contracted. The key takeaway from the report is that it has reinforced the understanding that conditions in the U.S. manufacturing sector are weak, reflected further in the weakening employment index.