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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.442%  
  Support   1.637%  
  Resistance   1.495%  
  FN 2.5% Coupon   103.453 (+0.078)  
  Friday, July 2, 2021

Stocks Rise and Dollar Falls after Jobs Report

The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.4424, 1.54 bps lower than prior closing of 1.4578.
Stocks gained after Thursday’s jobs data indicated that the pace of the economic recovery will not cause any imminent changes from the Federal Reserve. U.S. job growth beat economists’ estimates as it surged the most in 10 months with nonfarm payrolls increasing by 850,000 in June. The unemployment rate edged up to 5.90%. The report reinforced sentiment that the Federal Reserve won’t be raising interest rates in the near future. The dollar fell as Treasuries fluctuated. The S&P 500 climbed 0.3%. This marks the seventh straight day of gains, its longest winning streak since August. Virgin Galactic surged after news that founder Richard Branson will be aboard the next rocket powered test flight of its SpaceShipTwo Unity. Tesla fluctuated after their second quarter deliveries missed estimates. The NASDAQ 100 outperformed as it rose 0.7%. The Stoxx Europe 600 rose 0.2%.
The curve has bull-flattened with UST 10-Year yield down 1.54 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 0.30% 0.30% 0.50% 0.40%  
  07/02 Average Hourly Earnings YoY 05:30 Jun 3.60% 3.60% 2.00% 1.90%  
  07/02 Change in Nonfarm Payrolls 05:30 Jun 720k 850k 559k 583k  
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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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