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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   1.501%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.33 (+0.031)  
  Tuesday, June 15, 2021

US Stocks Decline After Retail Sales Drop; European Stocks Climb to Record High

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4990, 0.50 bp higher than prior closing of 1.4940.

US stocks fell from all-time highs as retail sales dropped and producer prices spiked. The S&P 500 Index fell 0.2%, with real estate, materials and consumer staples sectors leading declines. The tech-heavy Nasdaq 100 Index also fell with a 0.4% drop. The 10-year Treasury yield was little changed after the Commerce Department reported a drop in retail sales in May. Equities were higher in Europe with the Stoxx 600 increasing 0.2% to a record high, with chemical firms leading gains. Elsewhere, Bitcoin briefly climbed above $41,000 only to pull back. Bitcoin is expected to continue to fluctuate as different takes on cryptocurrency keep circulating. On Wednesday, the Federal Open Market Committee rate decision comes out, followed by a news conference from Jerome Powell and a meeting in Geneva between President Biden and Vladimir Putin. On Thursday, Rate decisions come from Switzerland and Norway, and then US Treasury Secretary Jen Yellen will testify before a House panel regarding federal budgets. On Friday, the Bank of Japan’s monetary decision will be released. 

The curve has bear-steepened with the UST 10-Year yield up 0.50 bp.

This Week's Events
  06/15 Empire Manufacturing 05:30 Jun 22.70 17.40 24.30 -  
  06/16 Building Permits 05:30 May 1730k - 1760k 1733k  
  06/16 Building Permits MoM 05:30 May -0.20% - 0.30% -1.30%  
  06/16 Housing Starts 05:30 May 1630k - 1569k -  
  06/16 Housing Starts MoM 05:30 May 3.90% - -9.50% -  
  06/16 MBA Mortgage Applications 05:30 Jun 11 - - -3.10% -  
  06/17 Initial Jobless Claims 05:30 Jun 12 360k - 385k -  
  06/17 Continuing Claims 05:30 Jun 5 3425k - 3771k -  
  06/17 Leading Index 07:00 May 1.30% - 1.60% -
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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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