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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.539%  
  Support   1.450%  
  Resistance   1.258%  
  FN 2.5% Coupon   102.859 (-0.187)  
     Tuesday, September 28, 2021

Energy Crisis Hit The US Equity, Oil Prices Soar

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5339, 4.68 bps higher than prior closing of 1.4871.

Subsequent to a silent session around the globe, Asia equity indices were decidedly down amid headlines of an energy crisis out of Europe. US equity futures are heading in a similar direction, with the S&P 500 down almost by 1.00% and Nasdaq lower 1.50% while 10yr treasury yields rose 4.68 bps, hurting the market sentiment yet again. Inducing selloff in government debt sparked by growing inflation fears, also contributed to push up of the yields. As per Commerce Department Data, the U.S. Merchandise - Trade Deficit widened in August, as imports outpaced shipments overseas and increased to $87.60 billion from a revised $86.80 billion in July.  The Dallas Fed's Manufacturing Activity Index fell to 4.60 unexpectedly in September, leading to a 14-month low. While concerns around the coronavirus may have eased, uncertainty over global growth and monetary policy have given dollar bulls more ammunition. Brent Oil Soars Above $80 as demand is running ahead of supply and depleting inventories due to the Global Energy Crunch. Stoxx Europe 600 slumped 1.20%.

The curve has bear-steepened with the UST 10-Year yield up 4.68 bps.

This Week's Events
  09/27 Durable Goods Orders 05:30 Aug P 0.70% 1.80% -0.10% 0.50%  
  09/27 Durables Ex Transportation 05:30 Aug P 0.50% 0.20% 0.80% -  
  09/28 Wholesale Inventories MoM 05:30 Aug P 0.80% 1.20% 0.60% -  
  09/28 FHFA House Price Index MoM 06:00 Jul 1.50% 1.40% 1.60% 1.70%  
  09/29 MBA Mortgage Applications 04:00 24-Sep - - 4.90% -  
  09/29 Pending Home Sales MoM 07:00 Aug 1.00% - -1.80% -  
  09/30 Initial Jobless Claims 05:30 25-Sep 330k - 351k -  
  09/30 Continuing Claims 05:30 18-Sep 2800k - 2845k -  
  10/01 PCE Deflator MoM 05:30 Aug 0.30% - 0.40% -  
  10/01 PCE Deflator YoY 05:30 Aug 4.20% - 4.20% -  
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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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