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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   95-11 (-03.5)  
  FN 2.5% Coupon   103-06 (00)  
  Support   1.269%  
  Resistance   0.798%  
  Friday, April 9, 2021

Treasury Yields Climb as Stocks Waver

Market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is at 1.6763, 5.71 bps higher than previous closing of 1.6192.
US stocks continue to fluctuate as inflation exceeds forecasts. With the economy reopening, this could indicate potential price pressures. The tech-heavy Nasdaq 100 underperformed. The S&P 500 Index saw little to no change as data from the Producer Price Index for final demand only increased by 1.00% in March following the 0.50% increase in February. In the coming months there will be more arguments about the path of inflation. The increase in producer prices is expected to further fuel these already intense debates. Federal Reserve officials reassured markets this week that monetary policy will remain accommodative. Fed Vice Chairman Richard Clarida said the central bank is looking for “hard numbers” on whether it’s reaching the goals on price stability and employment before adjusting interest rates. Coming up next week we should expect new reports on MBA Mortgage Applications and Initial Jobless Claims.
The curve has bear-steepened with UST 10-Year yield up 5.71 bps.
This Week's Events
  04/05 Markit US Services PMI 06:45 Mar F 60.20 60.40 60.00 -  
  04/05 Markit US Composite PMI 06:45 Mar F - 59.70 59.10 -  
  04/05 Factory Orders 07:00 Feb -0.50% -0.80% 2.60% 2.70%  
  04/05 Durable Goods Orders 07:00 Feb F -1.10% -1.20% -1.10% -  
  04/05 Durables Ex Transportation 07:00 Feb F -0.90% -0.90% -0.90% -  
  04/06 JOLTS Job Openings 07:00 Feb 6900 7367 6917 7099  
  04/07 MBA Mortgage Applications 04:00 2 Apr - -5.10% -2.20% -  
  04/08 Initial Jobless Claims 05:30 3 Apr 680k 744k 719k 728k  
  04/08 Continuing Claims 05:30 27 Mar 3638k 3734k 3794k 3750k  
  04/09 PPI Final Demand MoM 05:30 Mar 0.50% 1.00% 0.50% -  
  04/09 PPI Final Demand YoY 05:30 Mar 3.80% 4.20% 2.80% -
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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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