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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.652%  
  Support   1.576%  
  Resistance   1.297%  
  FN 2.5% Coupon   102.281 (-0.094)  
     Tuesday, October 26, 2021

U.S. Futures Extend As Corporate Earnings Flows In


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6326, 0.19 bps higher than prior closing of 1.6307.

U.S. equity futures rose as corporate earnings kicked investors’ sentiment and boosted recovery from the pandemic amid lingering concerns about inflation and growth. Contracts on the S&P 500 and Nasdaq 100 advanced 0.40% and 0.50% respectively as more than 81.00% of S&P 500 members reported better-than-expected results. According to the Federal Housing Finance Agency (FHFA), house prices rose 18.50% y/y in August. The price of crude continues to hold near multi-year highs at $84 a barrel as investors closely watch inventory and supply data. Gold held above $1,800 an ounce and Bitcoin hovered around $62,500. The U.S. issued new rules for international travelers yesterday requiring proof of full vaccination and a negative test. The MSCI Asia Pacific Index added 0.50% while Japan’s Topix index closed 1.20% higher. In Europe, the Stoxx 600 Index was 0.60% higher, close to the record high reached in September. Chinese stocks slipped, highlighting the nation's real estate crises.

The curve has bear-flattened with the UST 10-Year yield up 0.19 bps.

This Week's Events
  10/25 Chicago Fed Nat Activity Index 05:30 Sep 0.20 -0.13 0.29 0.05  
  10/26 FHFA House Price Index MoM 06:00 Aug 1.50% 1.00% 1.40% -  
  10/26 S&P CoreLogic CS 20-City MoM SA 06:00 Aug 1.50% 1.17% 1.55% 1.53%  
  10/27 MBA Mortgage Applications 04:00 22-Oct - - -6.30% -  
  10/27 Wholesale Inventories MoM 05:30 Sep P 1.00% - 1.20% -  
  10/28 Initial Jobless Claims 05:30 23-Oct 289k - 290k -  
  10/28 Continuing Claims 05:30 16-Oct 2410k - 2481k -  
  10/29 PCE Deflator MoM 05:30 Sep 0.30% - 0.40% -  
  10/29 PCE Deflator YoY 05:30 Sep 4.40% - 4.30% -  
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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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