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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.482%  
  Support   1.637%  
  Resistance   1.495%  
  FN 2.5% Coupon   103.344 (-0.047)  
  Thursday, July 1, 2021

S&P 500 Rises, Jobless Claims advancing Pre-Pandemic Levels

The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.4544, 1.36 bps lower than prior closing of 1.4680.
The S&P 500 advanced significantly whereas the Nasdaq 100 underperformed. Energy, financials and industrial stocks among the biggest gainers in the S&P 500 after solid economic data, with cyclical shares outpacing growth companies. The news of  Saudi Arabia and Russia having an upcoming plan to gradually increase OPEC+ output in the coming months made Oil Rallies. Initial jobless claims are expected to normalize to pre-pandemic levels over the summer as the labor market is recovering with the job openings at a record high and layoff announcements have dropped to the lowest level in 21 years. U.S. manufacturing purchasing managers’ index for June remains unchanged from May at 62.1, it was 49.80 a year ago. The Langer Weekly Consumer Comfort index fell to 55.10 in the week ending June 27 from 56.90 a week earlier and Personal Finance index fell to 67.60 from 69.40 The state unemployment insurance application fell last week by more than projected.
The curve has bull-flattened with UST 10-Year yield down 1.36 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 119.00 127.30 117.20 120.00  
  06/30 MBA Mortgage Applications  04:00 25 Jun - -6.90% 2.10% -  
  07/01 Initial Jobless Claims 05:30 26 Jun 388k 364k 411k 415k  
  07/01 Continuing Claims 05:30 19 Jun 3340k 3469k 3390k 3413k  
  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 711k - 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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