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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   95-27.5 (-06.5)  
  FN 2.5% Coupon   103-19 (-02.5)  
  Support   1.711%  
  Resistance   1.585%  
  Thursday, April 22, 2021

Stocks Decline Along with Jobless Claims

The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is at 1.5486, 0.69 bp lower than prior closing of 1.5555.
Stocks dropped as concern over a rise in coronavirus cases, overshadowing data showing a surprising decline in Jobless Claims. The S&P 500 Index dropped 0.2%, with raw materials and energy shares leading losses. Investors also sifted through a batch of corporate earnings. American Airlines Group Inc. climbed after reporting a smaller-than-anticipated loss and predicting a continued recovery. AT&T Inc. beat profit estimates amid gains in wireless customers and growth in subscribers to its streaming service. Jobless Claims unexpectedly fell in the April employment survey week, marking a new pandemic low of 547k. Along with strong manufacturing and retail sales, Jobless Claims are expected to continue on this path as pandemic restrictions ease and vaccinations rollout. However, there is still some concern over a coronavirus resurgence that could derail such rebound. The Bloomberg Dollar Spot Index climbed 0.1%, the West Texas Intermediate crude gained 0.7% to $61.76 a barrel, and Gold declined 0.5% to $1,784.10 an ounce. On Friday, the US will release some home sales data.  
The curve has bull-flattened with the UST 10-Year yield down 0.69 bp.
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 547k 576k 586k  
  04/22 Continuing Claims 05:30 10 Apr 3650k 3674k 3731k 3708k  
  04/22 Leading Index 07:00 Mar 1.00% 1.30% 0.20% -0.10%  
  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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