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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.210%  
  Support   1.561%  
  Resistance   1.268%  
  FN 2.5% Coupon   104.062 (-0.187)  
  Wednesday, August 4, 2021

Futures Slips on Mixed Earnings. U.S. Firms Added Fewer Jobs, MBA Mortgage Applications Falls

The Market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.1406, 3.16 bps lower than prior closing of 1.1722.
Futures slipped as investors weighed mixed corporate results and a report showed U.S. companies added fewer jobs than expected in July. Futures on the Nasdaq 100 were unchanged. Positive earning and expectations of continuing central-bank stimulus led the Shares to all time high overcoming the obstacles of spread of the delta variant and rising inflation. U.S. firms added 330k jobs in July after adding 680k the prior month. MBA mortgage applications index fell 1.70% in the week ended July 30 after rising 7.00% in the prior week. Purchases down 1.70% after falling 1.50% in prior week whereas Refinances fell 1.70% after rising 11.20% in prior week. Oil fell below $ 70 a barrel. The dollar fell against major competitors.
The curve has bull-flattened with the UST 10-Year yield down 3.16 bps.
This Week's Events
  08/02 Markit US Manufacturing PMI 06:45 Jul F 63.10 63.4 63.10 -  
  08/02 Construction Spending MoM 07:00 Jun 0.40% 0.10% -0.30% -0.20%  
  08/03 Durable Goods Orders 07:00 Jun F 0.80% 0.90% 0.80% -  
  08/03 Durables Ex Transportation 07:00 Jun F 0.30% 0.50% 0.30% -  
  08/04 MBA Mortgage Applications 04:00 30 Jul - -1.70% 5.70% 7.00%  
  08/04 ADP Employment Change 05:15 Jul 690k 330k 692k 680k  
  08/05 Initial Jobless Claims 05:30 31 Jul 383k - 400k -  
  08/05 Continuing Claims 05:30 24 Jul 3255k - 3269k -  
  08/06 Change in Nonfarm Payrolls 05:30 Jul 875k - 850k -  
  08/06 Wholesale Inventories MoM 07:00 Jun F 0.80% - 0.80% -  
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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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