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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.240%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.828 (+0.047)  
     Thursday, August 19, 2021

Stocks and Commodities Decline on Fed, U.S. Initial Unemployment Claims Drop

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.2367, 2.16 bps lower than prior closing of 1.2583.

U.S. stocks and Futures declined as investors are concerned about the withdrawal of Federal Reserve stimulus and growing uncertainty on economic growth due to the fast spreading delta variant of the coronavirus. Contracts on the S&P 500 Index declined around 1.10%. Commodities like Copper, Iron ore, the raw material for steel declined to an eight month low. Oil fell to the lowest since May. Treasuries and the dollar gained whereas Bitcoin fell for a fourth day, trading around $44,300. Applications for U.S. state unemployment benefits dropped for a fourth consecutive week. Initial unemployment claims in regular state programs dropped 29,000 to 348,000 in the week ended August 14. Strengthening business and fewer dismissals due to improvement in business activity resulted in the decrease in initial claims.

The curve has bull-flattened with the UST 10-Year yield down 2.16 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 - 3.90% 2.80% -  
  08/18 Building Permits MoM 05:30 Jul 1.00% 2.60% -3.90% -5.30%  
  08/18 Building Permits 05:30 Jul 1610k 1635k 1598k 1594k  
  08/19 Initial Jobless Claims 05:30 14-Aug 364k 348k 375k 377k  
  08/19 Continuing Claims 05:30 7-Aug 2800k 2820k 2866k 2899k  
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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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