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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.280%  
  Support   1.569%  
  Resistance   1.295%  
  FN 2.5% Coupon   103.937 (-0.156)  
  Friday,  August 6, 2021

Futures Steady, Job Growth Advances, Unemployment Rate Declines, Dollar Gains

The Market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.2499, 2.64 bps higher than prior closing of 1.2235.
Futures on the S&P 500 were little changed whereas the Nasdaq 100 stayed lower. The Stoxx Europe 600 index edged higher on mixed earnings. U.S. job growth advanced the most in July in almost a year and the unemployment rate declined, showing the positive momentum in the labor market amid the hiring challenges. Payrolls climbed by 943,000 last month after an upwardly revised 938,000 increase in June whereas the unemployment rate dropped to 5.40%. Increase in economic activity particularly in the leisure and hospitality industry led to a surge in labor demand. The dollar strengthened against major competitors and Treasury yields rose after an increase in U.S. payrolls.
The curve has bear-steepened with the UST 10-Year yield up 2.64 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 385k 400k 399k  
  08/05 Continuing Claims 05:30 24 Jul 3255k 2930k 3269k 3296k  
  08/06 Change in Nonfarm Payrolls 05:30 Jul 870k 943k 850k 938k  
  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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