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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.272%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.984 (+0.031)  
     Tuesday, August 31, 2021

Stocks and Futures Decline, Dollar Weakens, FHFA Home Price Index Rises

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2902, 1.17 bps higher than prior closing of 1.2785.

U.S. equity futures and European stocks declined after a comment from the European Central Bank governing member that it may be time to assess pandemic stimulus programs. S&P 500 and Nasdaq 100 futures pared early gains. The Stoxx 600 Index declined as much as 0.40%. Investors are concerned about the slower economic recovery as the spread of the delta variant of coronavirus may delay reopening of the economy in certain parts of the world. U.S. June FHFA Home Price Index rose 1.6% M/M and 18.80% y/y in June. Bitcoins were trading around $48,000. Treasuries declined and the dollar weakened against all the major currencies. U.S. jobs numbers are due on Friday.

The curve has bear-steepened with the UST 10-Year yield up 1.17 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% 1.60% 1.70% 1.80%  
  08/31 S&P CoreLogic CS 20-City MoM SA 06:00 Jun 1.80% 1.77% 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 745k - 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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