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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   103-08.5 (+08)  
  FN 3.5% Coupon   99-20.5 (+04.5)  
  Support   3.237%  
  Resistance   2.721%  
Friday, December 28, 2018
Market opened today’s session with treasuries slightly edging higher across all maturities. 10-Year treasury yield is at 2.7413, 2.53 bps decreased from prior closing of 2.7666.

US stock futures pointed to a higher open this morning as investors struggled to have a firm grasp of this roller coaster week. Stocks are, however, still headed toward what might be the worst December performance since 1931 with the S&P still down about 9.80% so far this month. With these recent wild swings in stocks, the gains in haven assets showed investors’ appetite for safer investments. WTI crude bounced back with commodities.

Chicago Purchasing Manager index rose to 65.40 beyond expectation of 60.20 vs. 66.40 prior. Pending Home Sales in November unexpectedly fell to -0.70% for a second month vs. 1.00 rise expected. YoY change fell even further to -7.70% from -4.70% revised prior. The weaker results underlined the struggle in housing market as elevated prices and increasing mortgage rates have pushed potential buyers away. New Home Sales from yesterday and Advance Trade from today will be delayed by the government shutdown.

The curve has bull-flattened with UST 10-Year yield down 2.53 bps.

This Week's Events
  12/24 Chicago Fed Nat Activity Index 05:30 Nov 0.20 0.22 0.24 0.00  
  12/25 No Data - - - - - -  
  12/26 S&P CoreLogic CS 20-City MoM SA 06:00 Oct 0.30% 0.41% 0.33% 0.73%  
  12/26 S&P CoreLogic CS 20-City YoY NSA 06:00 Oct 4.86% 5.03% 5.15% 5.21%  
  12/26 Richmond Fed Manufact. Index 07:00 Dec 15.00 -8.00 14.00 -  
  12/27 Initial Jobless Claims 05:30 22 Dec 216k 216k 214k 217k  
  12/27 Continuing Claims 05:30 15 Dec 1675k 1701k 1688k 1705k  
  12/27 FHFA House Price Index MoM 06:00 Oct 0.30% 0.30% 0.20% -  
  12/27 Bloomberg Consumer Comfort 06:45 23 Dec - 59.40 58.80 -  
  12/28 Pending Home Sales MoM 07:00 Nov 1.00% -0.70% -2.60% -  
  12/28 Pending Home Sales NSA YoY 07:00 Nov - -7.70% -4.60% -4.70%  
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  This information is provided solely for informational use and is not intended as trading or investment advice 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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