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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.477%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.328 (+0.187)  
  Monday, June 28, 2021

Stock Market Trades Near All-Time Highs with Tech Shares Leading; Treasuries rebounded

The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.4867, 3.74 bps lower than prior closing of 1.5241.
Stocks climbed on Monday, with tech shares outperforming, leading the stock market to a near all-time high. The tech-heavy Nasdaq 100 Index climbed 0.7% while the S&P 500 retreated, as commodity, industrial and financial shares fell. After a $6 trillion boom in equity values so far this year, skeptics betting on a correction resurfaced in one of the best first halves for stocks in history. The Dallas Fed Manufacturing Activity report is due today, where Regional Fed presidents John Williams and Tom Barkin will speak. Bearish bets on the SPDR S&P 500 ETF have climbed to about 5% of its shares outstanding, from less than 2% at the start of this year, according to IHS Markit data. Meanwhile, demand for protection against losses in coming months is rising in the options market. This will be a busy week; here are some events to keep an eye out. On Wednesday, the OECD meets in Paris to finalize a proposal to overhaul global minimum corporation taxation. On Thursday, China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party. The OPEC+ ministerial meeting is also on Thursday. On Friday, the US jobs report is due, which is expected to forecast an acceleration in payroll growth in June.
The curve has bull-flattened with UST 10-Year yield down 3.74 bps.
This Week's Events
  06/28 Dallas Fed Manf. Activity 07:30 Jun 32.50 31.10 34.90 -  
  06/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Apr 14.85% - 13.27% -  
  06/29 S&P CoreLogic CS 20-City MoM SA 06:00 Apr 1.80% - 1.60% -  
  06/29 Conf. Board Consumer Confidence 07:00 Jun 119.00 - 117.20 -  
  06/30 MBA Mortgage Applications  04:00 25 Jun - - 2.10% -  
  07/01 Initial Jobless Claims 05:30 26 Jun 389k - 411k -  
  07/01 Continuing Claims 05:30 19 Jun 3335k - 3390k -  
  07/02 Average Hourly Earnings MoM 05:30 Jun 0.40% - 0.50% -  
  07/02 Average Hourly Earnings YoY 05:30 Jun 3.60% - 2.00% -  
  07/02 Change in Nonfarm Payrolls 05:30 Jun 700k - 559k -  
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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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