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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.210%  
  Support   1.581%  
  Resistance   1.333%  
  FN 2.5% Coupon   103.875 (+0.250)  
  Monday, July 19, 2021

Futures Declines whereas Treasuries, Dollars gain

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.2186, 7.17 bps lower than prior closing of 1.2903.

U.S. futures declined over the concern of delta variant spread. Stocks in Europe are about to witness the biggest sell-off this year. The Stoxx Europe 600 index dragged as much as 2.5% by all industry sectors. Contracts on the S&P 500 and Nasdaq 100 dropped 1% or more.  Crude oil declined after OPEC+ struck a deal to increase output. OPEC+ agreed to boost supply into 2022, will add 400,000 barrels a day each month from August until all halted output is revived. Dollars as well as treasuries gained as the investors are looking for safer investments. The 10-year yield on treasuries is the lowest since February.

The curve has bull-flattened with the UST 10-Year yield down 7.17 bps.

This Week's Events
  07/20 Building Permits MoM 05:30 Jun 1.00% - -3.00% -2.90%  
  07/20 Building Permits 05:30 Jun 1700k - 1681k 1683k  
  07/20 Housing Starts 05:30 Jun 1590k - 1572k -  
  07/20 Housing Starts MoM 05:30 Jun 1.20% - 3.60% -  
  07/21 MBA Mortgage Applications 04:00 Jul 16 - - 16.00% -  
  07/22 Chicago Fed Nat Activity Index 05:30 Jun 0.30 - 0.29 -  
  07/22 Initial Jobless Claims 05:30 Jul 17 350k - 360k -  
  07/22 Continuing Claims 05:30 Jul 10 3075k - 3241k -  
  07/22 Leading Index 07:00 Jun 0.80% - 1.30% -
  07/23 Markit US Manufacturing PMI 06:45 Jul P 62.00 - 62.10 -  
  07/23 Markit US Services PMI 06:45 Jul P 64.50 - 64.60 -  
  07/23 Markit US Composite PMI 06:45 Jul P - - 63.70 -  
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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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