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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.492%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.344 (00)  
  Tuesday, June 29, 2021

Stocks Mixed as Futures Fluctuate; US Housing Prices Jump

The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.4968, 2.03 bps higher than prior closing of 1.4765.

Stocks fluctuated along with futures on Tuesday as a new highly infectious coronavirus strain raised concerns among investors. The S&P 500 futures had little to no change while contracts on the tech-heavy Nasdaq 100 slipped. Shares in Europe’s Stoxx 600 Index traded higher with a 0.6% increase. Morgan Stanley shares gained more than 3% during the premarket trading after the bank announced that it would double its quarterly dividend. Global stocks are due to close out their fifth quarterly advance as worldwide vaccine rollout continues to ensure economic recovery while sparking concerns over increasing prices and stimulus withdrawal. In terms of the housing market, during the month of April, US home prices jumped the most in more than 30 years. The S&P CoreLogic Case-Shiller Index of property values climbed 14.60% from a year earlier. Additionally, home prices in 20 US cities jumped 14.9%. Low mortgage rates and demand for properties in the suburbs have fueled the US housing market during the pandemic, as shortage of homes to purchase has helped to push prices higher. However, many buyers are running into issues related to finding affordable properties. Still, home prices are expected to remain elevated as builders cite high materials prices, supply shortages and a limited number of skilled workers. On Wednesday, OECD meets in Paris to discuss a proposal on global minimum corporate taxation. On Thursday, China’s President speaks as the 100th anniversary of the Chinese Communist Party is celebrated. OPEC+ also meets on Thursday and US jobs report is due Friday.

The curve has bear-steepened with UST 10-Year yield up 2.03 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 14.70% 14.88% 13.27% 13.36%  
  06/29 S&P CoreLogic CS 20-City MoM SA 06:00 Apr 1.80% 1.62% 1.60% 1.59%  
  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 386k - 411k -  
  07/01 Continuing Claims 05:30 19 Jun 3340k - 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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