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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.621%  
  Support   1.508%  
  Resistance   1.276%  
  FN 2.5% Coupon   102.422 (-0.047)  
     Tuesday, October 19, 2021

US Futures Rise, Dollar Slumps


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6108, 1.06 bps higher than prior closing of 1.6002.

Global equity remains focused on earnings, with solid results helping counter concerns about rising inflation. Investors who are trying to assess the outlook for global growth have a lot to digest over company earnings where supply-chain difficulties are a big theme. The Futures on the S&P 500 rose 0.40% while those on the Nasdaq 100 rose by 0.30%. The Stoxx Europe 600 rose by 0.20%. Yesterday’s U.S. factory production data for the past month showed a surprise drop as manufacturers struggled to source materials. The continued shortage of semiconductor chips hit vehicle output particularly hard, with the sector showing a 7.20% fall. Adding to concerns is the continued rise of energy prices, with oil hitting another multi-year high this morning. The U.S. Sept. Housing Starts fall by 1.60% to 1.56 Million. Bitcoin rose by 2.60% to trade around $62,961, surrounded by optimism over the upcoming launch of the first Bitcoin futures exchange-traded fund in the US. The US Dollar fell by 0.30% in comparison with its peers.

The curve has bear-steepened with the UST 10-Year yield up 1.06 bps.

This Week's Events
  10/18 Capacity Utilization 06:15 Sep 76.40% 75.20% 76.40% 76.20%  
  10/19 Building Permits MoM 05:30 Sep -2.40% -7.70% 6.00% 5.60%  
  10/19 Building Permits 05:30 Sep 1680k 1589k 1728k 1721k  
  10/20 MBA Mortgage Applications 04:00 15-Oct - - 0.20% -  
  10/21 Initial Jobless Claims 05:30 16-Oct 297k - 293k -  
  10/21 Continuing Claims 05:30 09-Oct 2548k - 2593k -  
  10/22 Markit US Manufacturing PMI 06:45 Oct P 60.50 - 60.70 -  
  10/22 Markit US Services PMI 06:45 Oct P 55.20 - 54.90 -  
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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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