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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.367%  
  Support   1.553%  
  Resistance   1.290%  
  FN 2.5% Coupon   103.609 (+0.016)  
  Thursday, August 12, 2021

U.S. Futures Steady, U.S. Initial Unemployment Claims Drop

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.3657, 3.54 bps higher than prior closing of 1.3303.

U.S. equity futures were steady after reaching another record high. The Stoxx Europe 600 Index increased due to positive corporate earnings. Investors are concerned about the implications of a likely Federal Reserve tapering announcement, the spread of the delta virus variant and China's regulatory restrictions. Applications for U.S. state unemployment benefits dropped to 375,000 in the period ended Aug. 7, down 12,000 from the prior week. Continuing claims for state benefits fell to 2.90 million in the week ended July 31. Jobless claims have been falling due to improvement in business conditions which leads to an increase in job openings. Prices paid to U.S. producers rose in July by more than expected. The producer price index for final demand increased 1.00% from the prior month and 7.80% from a year earlier. Treasuries lowered after applications for U.S. state unemployment benefits dropped for the third week in a row.

The curve has bear-steepened with the UST 10-Year yield up 3.54 bps.

This Week's Events
  08/09 JOLTS Job Openings 07:00 Jun 9270k 10073k 9209k 9483k  
  08/10 NFIB Small Business Optimism 03:00 Jul 102.00 99.7 102.50 -  
  08/11 MBA Mortgage Applications 04:00 6-Aug - 2.80% -1.70% -  
  08/11 CPI MoM 05:30 Jul 0.50% 0.50% 0.90% -  
  08/11 CPI YoY 05:30 Jul 5.30% 5.40% 5.40% -  
  08/12 Initial Jobless Claims 05:30 7-Aug 375k 375k 385k 387k  
  08/12 Continuing Claims 05:30 31-Jul 2900k 2866k 2930k 2980k  
  08/13 Import Price Index YoY 05:30 Jul 10.50% - 11.20% -  
  08/13 U. of Mich. Sentiment 07:00 Aug P 81.20 - 81.20 -  
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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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