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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.280%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.813 (-0.016)  
     Tuesday, August 24, 2021

Stock Declines amid Virus Threat, Oil increases

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2634, 1.17 bps higher than prior closing of 1.2517.

U.S. index futures declined to pare the gain and rise in European stocks halted as investors are concerned about the global economy recovery due to fast spreading delta variant of the coronavirus and tighter monetary policy. Contracts on the Nasdaq 100 and S&P 500 were little changed. The Stoxx Europe 600 index reversed its direction as declines in the health care and utilities sector offset increases for cyclical shares. Crude oil increased above $66 whereas the dollar was flat against major currencies. Iron ore increased around 10% on the optimism of economic growth. July U.S. personal income and spending data is due on Friday.

The curve has bear-steepened with the UST 10-Year yield up 1.17 bps.

This Week's Events
  08/23 Chicago Fed Nat Activity Index 05:30 Jul 0.12 0.53 0.09 -0.01  
  08/23 Markit US Manufacturing PMI 06:45 Aug P 62.00 61.20 63.40 -  
  08/23 Markit US Services PMI 06:45 Aug P 59.20 55.20 59.90 -  
  08/24 Richmond Fed Manufact. Index 07:00 Aug  24.00 9.00 27.00 -  
  08/24 New Home Sales 07:00 Jul 697k 708k 676k 701k  
  08/25 MBA Mortgage Applications 05:00 20-Aug - - -3.90% -  
  08/25 Durable Goods Orders 05:30 Jul P -0.30% - 0.90% -  
  08/26 GDP Annualized QoQ 05:30 2Q S 6.70% - 6.50% -  
  08/26 Initial Jobless Claims 05:30 21-Aug 350k - 348k -  
  08/27 PCE Deflator YoY 05:30 Jul 4.10% - 4.00% -  
  08/27 PCE Deflator MoM 05:30 Jul 0.40% - 0.50% -  
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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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