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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   1.501%  
  Support   1.682%  
  Resistance   1.551%  
  FN 2.5% Coupon   103.72 (+0.14)  
  Wednesday, June 9, 2021

US Stocks Trade Near Record Highs As Treasuries Rise

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.4908, 4.23 bps lower than prior closing of 1.5331.

US stocks traded this morning near record highs as bonds rallied. The S&P 500 Index was little changed and the Nasdaq 100 Index continued this week’s advance with a 0.2% increase, with biotech and megacap tech stocks in the lead. This week, treasury yields have eased and equities have continued to trade in a tight range as traders bet on whether inflation acceleration will be short-lived or persistent. For the moment, the Fed’s dovish stance is maintaining markets at ease. Shares edged up in China, as consumer-price gains remained subdued when factory-gate inflation for May was at its highest since 2008. Additionally, China may impose a cap on the thermal coal price in order to contain high energy costs. This week, Apple continues to host its annual Worldwide Developers Conference. On Thursday, European Central Bank will come out with a decision and Iran nuclear deal talks will reconvene in Vienna. The Group of Seven summit is still on for Friday at Cornwall, England. 

The curve has bull-flattened with the UST 10-Year yield down 4.23 bps.

This Week's Events
  06/08 NFIB Small Business Optimism 03:00 May 101.00 99.60 99.80 -  
  06/09 MBA Mortgage Applications 04:00 4 Jun - -3.10% -4.00% -  
  06/10 CPI MoM 05:30 May 0.40% - 0.80% -  
  06/10 CPI YoY 05:30 May 4.70% - 4.20% -  
  06/10 CPI Index NSA 05:30 May 268.681 - 267.054 -  
  06/10 CPI Core Index SA 05:30 May 275.058 - 273.700 -  
  06/10 Initial Jobless Claims 05:30 5 Jun 370k - 385k -  
  06/10 Continuing Claims 05:30 29 May 3650k - 3771k -  
  06/11 U. of Mich. Sentiment 07:00 Jun P 84.20 - 82.90 -
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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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