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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   1.637%  
  Support   1.449%  
  Resistance   0.798%  
  FN 2.5% Coupon   103.42 (+0.03)  
  Monday, May 17, 2021

Stocks drop as Treasuries remain steady

The market opened today's session with treasuries slightly lower across all maturities. The 10-Year Treasury yield is currently at 1.6352, 0.68 bp higher than the prior closing of 1.6284.

US equities slipped as investors consider risks on the outlook including inflation and Covid-19 cases spiking in parts of the world. Stocks declined in the Nasdaq 100 and the Dow Jones after gaining on Friday, and the Stoxx Europe 600 fell as well. The dollar remained steady while gold rose to its highest level in over three months. Bitcoin steadied as Tesla Inc. hasn’t sold its holding in the token. In the Economic Calendar, Empire Manufacturing came in at 24.30, higher than the expected 23.9. The minutes for the Federal Open Market Committee’s latest meeting will be released on Wednesday. Investors will revise the minutes as there are concerns that policymakers will need to slow down support due to rising inflation.

The curve has bear-steepened with UST 10-Year yield up 0.68 bp.
This Week's Events
  05/17 Empire Manufacturing 05:30 May 23.90 24.30 26.30 -  
  05/18 Building Permits 05:30 Apr 1770k - 1766k 1759k  
  05/18 Building Permits MoM 05:30 Apr -0.60% - 2.70% 2.30%  
  05/18 Housing Starts 05:30 Apr 1705k - 1739k -  
  05/18 Housing Starts MoM 05:30 Apr -2.00% - 19.40% -  
  05/19 MBA Mortgage Applications 04:00 14 May - - 2.10% -  
  05/20 Initial Jobless Claims 05:30 15 May 450k - 473k -  
  05/20 Continuing Claims 05:30 8 May 3630k - 3655k -  
  05/20 Leading Index 07:00 Apr 1.30% - 1.30% -  
  05/21 Markit US Manufacturing PMI 06:45 May P 60.20 - 60.50 -  
  05/21 Markit US Services PMI 06:45 May P 64.50 - 64.70 -  
  05/21 Markit US Composite PMI 06:45 May P - - 63.50 -
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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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