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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.536%  
  Support   1.451%  
  Resistance   1.258%  
  FN 2.5% Coupon   102.984 (-0.016)  
     Thursday, September 30, 2021

Market Stabilizes as Quarter End Approaches, Increase in Initial Jobless Claims Raises Concerns

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5358, 1.91 bps higher than prior closing of 1.5167.

Markets showed signs of stabilizing as the quarter end approached. December contracts on the S&P 500 Index rose 0.40%, Futures on the Nasdaq 100 inclined 0.50%. Equities bounced back a bit and bond yields shrinked further. The GDP estimate for Q2 did get revised higher this morning to 6.70% vs the expected 6.60% figure. But concerns about the slowing growth, less than expected stimulus by the Fed, elevated inflation, supply-chain bottlenecks, an energy crunch and regulatory risks emanating from China are still occupying the minds of investors. Another perplexing news came, as the Labour Department released the initial jobless claims that rose to 362,000, the highest print since early August. Payroll data due on next Friday would provide better insights. Oil declined 1.30% to $73.89 a barrel, still heading for a monthly advance amid tighter supplies. Gold futures rose 0.50% to $1,731.80 an ounce. The data hasn’t moved the mortgage market much.

The curve has bear-steepened with the UST 10-Year yield up 1.91 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 - -1.10% 4.90% -  
  09/29 Pending Home Sales MoM 07:00 Aug 1.40% 8.10% -1.80% -2.00%  
  09/30 Initial Jobless Claims 05:30 25-Sep 330k 362k 351k -  
  09/30 Continuing Claims 05:30 18-Sep 2790k 2802k 2845k 2820k  
  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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