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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.524%  
  Support   1.451%  
  Resistance   1.258%  
  FN 2.5% Coupon   103.203 (-0.109)  
     Tuesday, October 05, 2021

U.S. Indexes Rise, Oil Surges

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5153, 3.64 bps higher than prior closing of 1.4789.

While the inflation concerns remain high, the uncertain outlook means global equity gauges are putting in a very mixed performance. The S&P 500 and NASDAQ 100 were pointing upwards at the open with rises of 0.80% and 1.00% respectively. This rally was accounted for by the heavy buying in the tech giants after the recent selloff and the energy stocks after the recent surge in prices. The Stoxx Europe 600 also rallied to 0.80%. The oil prices claimed new highs of $78 a barrel after the recent OPEC meeting. The council opted for a modest increase in supplies which won’t be sufficient to fulfill the shortages. The tech giant Facebook suffered global outages on its social media platforms. The U.S. trade deficit has increased to record this month with the gap in the trade and services increasing by 4.20% to $73.30 billion. 

The curve has bear-steepened with the UST 10-Year yield up 3.64 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 54.40 54.90 54.40 -  
  10/05 Markit US Composite PMI 06:45 Sep F - 55.00 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 349k - 362k -  
  10/07 Continuing Claims 05:30 25-Sep 2765k - 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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