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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   1.620%  
  Support   1.658%  
  Resistance   1.474%  
  FN 2.5% Coupon   103.563 (-0.172)  
  Thursday, May 27, 2021
US Stocks Climb As Treasuries & Jobless Claims Fall
The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.6079, 3.22 bps higher than prior closing of 1.5757.

US stocks climbed with the release of strong economic reports, regarding companies that will benefit the most from a rebound in growth. The S&P 500 Index saw a 0.3% gain, extending this week’s advance, with financial and commodity shares in the lead. The tech-heavy Nasdaq 100 Index dropped 0.2% along with treasuries. Best Buy boosted its full-year sales forecast after revenue soared in the quarter, fueled by high demand for its electronics. Similarly, Nvidia Corp, the largest U.S. chipmaker by market value, gave a bullish forecast on demand for chips used in gaming PCs, data centers and cryptocurrency mining. Furthermore, President Biden announced a plan to unveil a budget that would jump federal spending to $6 trillion in the coming fiscal year. Data on Thursday showed that US Jobless Claims fell to a new pandemic low, with applications for US state unemployment insurance falling for a fourth consecutive week, decreasing by 38,000 in the week ended in May 22. The labor market is expected to pick up as more Americans get vaccinated and businesses reopen. 

The curve has bear-steepened with UST 10-Year yield up 3.22 bps.
This Week's Events
  05/24 Chicago Fed Nat Activity Index 05:30 Apr 1.20 0.24 1.71 -  
  05/25 FHFA House Price Index MoM 06:00 Mar 1.00% 1.40% 0.90% 1.10%  
  05/25 New Home Sales 07:00 Apr 950k 863k 1021k 917k  
  05/26 MBA Mortgage Applications 04:00 21 May - -4.20% 1.20% -  
  05/27 Durable Goods Orders 05:30 Apr P 0.80% -1.30% 0.80% 1.30%  
  05/27 Initial Jobless Claims 05:30 22 May 425k 406k 444k -  
  05/27 Continuing Claims 05:30 15 May 3680k 3642k 3751k 3738k  
  05/28 Personal Income 05:30 8 May -14.30% - 21.10% -  
  05/28 Personal  Spending 05:30 Apr 0.50% - 4.20% -  
  05/28 Wholesale Inventories MoM 05:30 Apr P 0.70% - 1.30% -  
  05/28 Retail Inventories MoM 05:30 Apr -2.00% - -1.40% -  
  05/28 University of Michigan Sentiment 07:00 May F 83.00 - 82.80 -
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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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