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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.282%  
  Support   1.573%  
  Resistance   1.307%  
  FN 2.5% Coupon   103.719 (-0.047)  
  Thursday, July 22, 2021

Future Gains, Oil Advances, Initial Unemployment Claim Rises

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.2799, 0.85 bps lower than prior closing of 1.2884.

The U.S. future rose among the positive earning environment. About 86% of the S&P 500 firms reporting so far have beaten analysts predictions. Stocks in Europe gained while the euro weakened and the dollar was steady. The Stoxx Europe 600 index turned positive with 19 of the 20 industry sectors in the green. Earnings expectation is rising significantly as compared to the economic growth affected by the spread of the delta virus variant. Crude oil advanced as investors are positive about the demand of oil products. Applications for U.S. state unemployment insurance rose last week. Initial jobless claims in regular state programs totaled 419,000 in the week ended July 17, up 51,000 from the prior week.

The curve has bull-flattened with the UST 10-Year yield down 0.85 bps.

This Week's Events
  07/20 Building Permits MoM 05:30 Jun 0.70% -5.10% -3.00% -2.90%  
  07/20 Building Permits 05:30 Jun 1696k 1598k 1681k 1683k  
  07/20 Housing Starts 05:30 Jun 1590k 1643k 1572k 1546k  
  07/20 Housing Starts MoM 05:30 Jun 1.20% 6.30% 3.60% 2.10%  
  07/21 MBA Mortgage Applications 04:00 Jul 16 - -4.00% 16.00% -  
  07/22 Chicago Fed Nat Activity Index 05:30 Jun 0.30 0.09 0.29 0.26  
  07/22 Initial Jobless Claims 05:30 Jul 17 350k 419k 360k 368k  
  07/22 Continuing Claims 05:30 Jul 10 3100k 3236k 3241k 3265k  
  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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