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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   96-00.5 (-00.5)  
  FN 2.5% Coupon   103-21 (+03)  
  Support   1.269%  
  Resistance   0.798%  
  Wednesday, April 21, 2021

US Stocks Mixed As Traders Assess Corporate Earnings

The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is at 1.5731, 1.42 bps higher than prior closing of 1.5589.
US stocks were mixed as traders assessed earnings from giant companies amid rising concerns over a spike in coronavirus cases. The S&P 500 Index snapped a two-day slide by rising 0.2%, meanwhile Nasdaq 100 underperformed after Netflix Inc. reported subscriber additions that fell short of Wall Street expectations. For the first time in a year, Verizon Communications Inc. lost subscribers. As the earnings season progresses, markets around the globe are alarmed by the sudden coronavirus resurgence. The World Health Organization said Covid-19 cases are rising in all regions except Europe. In terms of currencies, nations with vaccination progress are seeing spikes whereas nations stung by the virus have been underperforming. The Nasdaq 100 is losing some momentum after soaring above 14,000 last week. The tech-heavy gauge triggered two technical sell signals in less than a week on its GTI Global Strength Indicator, a measure of upward and downward movements of successive closing prices. On Thursday, the European Central Bank releases rate decisions and President Christine Lagarde will present a briefing. On Friday, the US will release new home sales data. 
The curve has bear-steepened with the UST 10-Year yield up 1.42 bps.
This Week's Events
  04/21 MBA Mortgage Applications 04:00 16 Apr - 8.60% -3.70% -  
  04/22 Initial Jobless Claims 05:30 17 Apr 610k - 576k -  
  04/22 Continuing Claims 05:30 10 Apr 3640k - 3731k -  
  04/22 Leading Index 07:00 Mar 1.00% - 0.20% -  
  04/23 Markit US Composite PMI 06:45 Apr P - - 59.70 -  
  04/23 Markit US Services PMI 06:45 Apr P 61.50 - 60.40 -  
  04/23 Markit US Manufacturing PMI 06:45 Apr P 61.00 - 59.10 -
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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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