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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.260%  
  Support   1.553%  
  Resistance   1.290%  
  FN 2.5% Coupon   103.828 (+0.031)  
  Tuesday, August 17, 2021

Stock Futures Decline as Retail Sales Fall and Virus Concerns

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.2450, 2.00 bps lower than prior closing of 1.2650.

U.S. Futures declined amid the U.S. retail sales fell by more than expected. S&P 500 contracts as well as Futures on the Nasdaq 100 declined. U.S. retail sales fell in July as there is a shift in spending toward services and indicating consumers may be growing more price conscious as inflation picks up. Consumers are starting to spend less on merchandise in favor of services as many restrictions have been lifted. The value of retail purchases dropped 1.1% last month after an upwardly revised 0.7% increase in June. July industrial production rose 0.9% M/M after rising 0.2% in June. Treasuries increased along with the dollar.

The curve has bull-flattened with the UST 10-Year yield down 2.00 bps.

This Week's Events
  08/16 Empire Manufacturing 05:30 Aug 28.50 18.30 43.00 -  
  08/17 Business Inventories 07:00 Jun 0.80% 0.80% 0.50% 0.60%  
  08/18 MBA Mortgage Applications 04:00 13-Aug - - 2.80% -  
  08/18 Building Permits MoM 05:30 Jul 1.00% - -5.10% -5.30%  
  08/18 Building Permits 05:30 Jul 1610k - 1598k 1594k  
  08/19 Initial Jobless Claims 05:30 14-Aug 365k - 375k -  
  08/19 Continuing Claims 05:30 7-Aug 2800k - 2866k -  
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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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