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Market Commentary



 
Today's Coupons
 
  10-Year Notes   100-15 (+12)  
 
  FN 3.5% Coupon   103-02 (+01)  
 
  Support   2.759%  
 
  Resistance   1.712%  
 
 
 
 
  Friday, January 24, 2020
 
 

Treasury Yields Lower Further as Investors Set Virus Fears Aside

 
 
Market opened today’s session with treasuries advancing across all maturities. 10-Year Treasury yield is at 1.7116, 2.09 bps decreased from prior closing of 1.7325.

US stocks rose with technology stocks leading the gains after Intel’s fourth quarter results topped estimates. The company also gave bullish revenue outlook for the first quarter of 2020. American Express gained as well this morning after posting its better-than-expected profit and revenue. More than 16% of the S&P 500 has reported their results thus far and 70% of those companies have beaten analysts’ estimates. Yet, traders remain cognizant of the possibility of the deadly virus in China developing into a more devastating pandemic. Travels in China were further restricted with 40 million people now banned from travelling to contain the virus’s spread. It was reported that 25 people have died from the virus so far. Elsewhere, oil continued to sell-off on the news with WTI crude trading below $55 a barrel this morning.  In the economic calendar, Markit US Manufacturing PMI lowered to 51.70 from 52.40 prior vs. 52.50 consensus. Services PMI rose to 53.20 from 52.80 prior and Composite PMI also climbed to 53.10 from 52.70 prior.

The curve has bull-flattened with UST 10-Year yield down 2.09 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/20 No Data - - - - - -  
                   
  01/21 No Data - - - - - -  
                   
  01/22 MBA Mortgage Applications 04:00 17 Jan - -1.20% 30.20% -  
                   
  01/22 Chicago Fed Nat Activity Index 05:30 Dec 0.13 -0.35 0.56 0.41  
                   
  01/22 FHFA House Price Index MoM 06:00 Nov 0.30% 0.20% 0.20% 0.40%  
                   
  01/22 Existing Home Sales 07:00 Dec 5.43m 5.54m 5.35m -  
                   
  01/22 Existing Home Sales MoM 07:00 Dec 1.50% 3.60% -1.70% -  
                   
  01/23 Initial Jobless Claims 05:30 18 Jan 214k 211k 204k 205k  
                   
  01/23 Continuing Claims 05:30 11 Jan 1756k 1731k 1767k 1768k  
                   
  01/23 Bloomberg Consumer Comfort 06:45 19 Jan - 66.00 66.00 -  
                   
  01/23 Leading Index 07:00 Dec -0.20% -0.30% 0.00% 0.10%  
                   
  01/23 Kansas City Fed Manf. Activity 08:00 Jan -6.00 -1.00 -8.00 -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 52.50 51.70 52.40 -  
                   
  01/24 Markit US Services PMI 06:45 Jan P 53.00 53.20 52.80 -  
                   
  01/24 Markit US Composite PMI 06:45 Jan P - 53.10 52.70 -
                   
 
 
 
 
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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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