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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   95-20.5 (-07)  
  FN 2.5% Coupon   103-12.5 (-01)  
  Support   1.362%  
  Resistance   0.870%  
  Monday, March 8, 2021

Treasury Yields Rise as Tech Continues Decline

Market opened today's session with treasuries lower across all maturities. 10-year Treasury yield is at 1.5819, 1.58 bps increased from prior closing of 1.5661.

US stocks opened higher this morning as tech companies continued to be the primary laggards within the S&P 500. President Joe Biden's revised $1.9 trillion aid package is expected to pass a House vote on Tuesday, with Democrats only capable of losing 4 votes in a scenario of absolute Republican opposition. Elsewhere, Brent crude rose to nearly $70 a barrel, following an unsuccessful attack on a Saudi Arabian crude terminal. WTI crude dropped by 0.6% while Gold lowered by 0.5% towards $1,690.50 an ounce. On the economic front, Wholesale Inventories reported in-line with expectations and unchanged from a month prior, as inventories reported an increase of 1.30% for the month of January. In the details, wholesale inventories excluding oil increased by 1.20%, all the while wholesale sales excluding automobiles increased by 5.20% during January. The inventory / sales ratio stood at 1.24, down from a previously released ratio of 1.29 a month prior. Reporting tomorrow are MBA Mortgage Applications for the week ending March 5, and CPI MoM for the month of February, the latter of which is expected to increase by 0.40%.

The curve has bear-steepened with UST 10-Year yield up 1.58 bps.

This Week's Events
  03/09 NFIB Small Business Optimism 03:00 Feb 96.80 - 95.00 -  
  03/10 MBA Mortgage Applications 04:00 5 Mar - - 0.50% -  
  03/10 CPI MoM 05:30 Feb 0.40% - 0.30% -  
  03/10 CPI YoY 05:30 Feb 1.70% - 1.40% -  
  03/10 CPI Index NSA 05:30 Feb 263.125 - 261.582 -  
  03/10 CPI Core Index SA 05:30 Feb 270.394 - 270.025 -  
  03/11 Initial Jobless Claims 05:30 6 Mar 725k - 745k -  
  03/11 Continuing Claims 05:30 27 Feb 4200k - 4295k -  
  03/11 JOLTS Job Openings 07:00 Jan 6650 - 6646 -  
  03/12 PPI Final Demand MoM 05:30 Feb 0.40% - 1.30% -  
  03/12 PPI Final Demand YoY 05:30 Feb 2.70% - 1.70% -  
  03/12 U. of Mich. Sentiment 07:00 Feb P 78.50 - 76.80 -
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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