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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.507%  
  Support   1.451%  
  Resistance   1.258%  
  FN 2.5% Coupon   103.281 (-0.125)  
     Monday, October 04, 2021

U.S. Futures Fall, Government Prepare for Default

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4841, 2.25 bps higher than prior closing of 1.4616.

Global equity traders remain wary in the face of climbing inflation and growth concerns. The futures contracts fell by 0.10% on the S&P 500 and declined 0.2% on the NASDAQ 100. The Stoxx Europe 600 rose by 0.10%. The return of demand for oil and gas accounted for by the usual seasonal factors just as economies are opening up has sent the energy prices sharply higher. Oil prices increased to $77 per barrel ahead of the OPEC meeting. The treasury yield advanced to 1.48%, while the US dollar fell by 0.20% in regards to its peers. The US Government is eyeing its first ever default as the political tussle for the federal debt limit continues in the senate. As per the latest data, the U.S. August Factory Orders rise by 1.20%.

The curve has bear-steepened with the UST 10-Year yield up 2.25 bps.

This Week's Events
  10/04 Durable Goods Orders 07:00 Aug F 1.80% 1.80% 1.80% -  
  10/04 Durables Ex Transportation 07:00 Aug F 0.20% 0.30% 0.20% -  
  10/05 Markit US Services PMI 06:45 Sep F 54.4 - 54.4 -  
  10/05 Markit US Composite PMI 06:45 Sep F - - 54.5 -  
  10/06 MBA Mortgage Applications 04:00 01-Oct - - -1.10% -  
  10/06 ADP Employment Change 05:15 Sep 430k - 374k -  
  10/07 Initial Jobless Claims 05:30 02-Oct 350k - 362k -  
  10/07 Continuing Claims 05:30 25-Sep 2770k - 2802k -  
  10/08 Change in Nonfarm Payrolls 05:30 Sep 488k - 235k -  
  10/08 Wholesale Inventories MoM 07:00 Aug F 1.20% - 1.20% -  
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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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