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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.300%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.859 (+0.047)  
     Monday, August 30, 2021

U.S. Futures Remains Steady After Powell's Message, Gasoline Rises as Ida Disrupts Refineries

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.3020, 0.50 bps lower than prior closing of 1.3070.

U.S. futures remained steady after Jerome Powell’s indication that the pandemic-era Federal Reserve policy support will be withdrawn gradually. Contracts on the S&P 500 Nasdaq 100 were little changed. The Stoxx Europe 600 index was steady as the investors are cautious about economic recovery due to the supply bottlenecks and reviving pandemic risk. Commodity markets investors are focused on Hurricane Ida. U.S. gasoline futures increased after Tropical Storm Ida hit Louisiana, disrupting processing facilities across the state. Gold was little changed and Bitcoin was trading around $48,000. The dollar was steady against the major competitor.

The curve has bull-flattened with the UST 10-Year yield down 0.50 bps.

This Week's Events
  08/30 Pending Home Sales MoM 07:00 Jul 0.30% -1.80% -1.90% -2.00%  
  08/31 FHFA House Price Index MoM 06:00 Jun 1.90% - 1.70% -  
  08/31 S&P CoreLogic CS 20-City MoM SA 06:00 Jun 1.80% - 1.81% -  
  09/01 MBA Mortgage Applications 04:00 27-Aug - - 1.60% -  
  09/01 ADP Employment Change 05:15 Aug 625k - 330k -  
  09/02 Initial Jobless Claims 05:30 28-Aug 345k - 353k -  
  09/02 Continuing Claims 05:30 21-Aug 2810k - 2862k -  
  09/03 Change in Nonfarm Payrolls 05:30 Aug 750k - 943k -  
  09/03 Markit US Services PMI 06:45 Aug F 55.20 - 55.20 -  
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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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