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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   97-28 (-07.5)  
 
  FN 2.5% Coupon   105-09.5 (-02.5)  
 
  Support   0.902%  
 
  Resistance   0.658%  
 
 
 
 
  Tuesday, February 2, 2021
 
 

Treasury Yields Rise as Earnings Season Begins

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 1.1099, 3.07 bps increased from prior closing of 1.0792.
US stocks opened higher this morning as earnings kicked off. Notable early gainers include United Parcel Service Inc., which saw shares climb following a reported increase in profit, and Exxon Mobil Corp., which saw shares higher after pledging to continue dividends even after reporting its first annual loss in 40 years. Notable losses were seen in GameStop Corp. and AMC Entertainment, both of which lowered by 52% and 42%, respectively. Reporting later today are heavyweights Amazon.com Inc. and Alphabet Inc., both reporting following market close. On the political front, House managers filed their case on Tuesday arguing Donald Trump unmistakably incited an insurrection on January 6. The former president's legal team is expected to argue that impeachment trial is unconstitutional since Trump is no longer in office, in addition to Trump's January speech being protected under the first amendment.  Elsewhere, WTI crude increased by 2.7% while Gold lowered by 1.3%. Reporting tomorrow are MBA Mortgage Applications and ADP Employment Change, the latter of which is expected at 50K.
The curve has bear-steepened with UST 10-Year yield up 3.07 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/01 Markit US Manufacturing PMI 06:45 Jan F 59.10 59.20 59.10 -  
                   
  02/01 Construction Spending MoM 07:00 Dec 0.90% 1.00% 0.90% 1.10%  
                   
  02/01 ISM Prices Paid 07:00 Jan 76.00 82.10 77.60 -  
                   
  02/03 MBA Mortgage Applications 04:00 29 Jan - - -4.10% -  
                   
  02/03 ADP Employment Change 05:15 Jan 50k - -123k -  
                   
  02/03 Markit US Services PMI 06:45 Jan F 57.40 - 57.50 -  
                   
  02/03 Markit US Composite PMI 06:45 Jan F - - 58.00 -  
                   
  02/04 Initial Jobless Claims 05:30 30 Jan 830k - 847k -  
                   
  02/04 Continuing Claims 05:30 23 Jan 4700k - 4771k -  
                   
  02/04 Bloomberg Consumer Comfort 06:45 31 Jan - - 45.70 -  
                   
  02/04 Factory Orders 07:00 Dec 0.70% - 1.00% -  
                   
  02/04 Durable Goods Orders 07:00 Dec F 0.20% - 0.20% -  
                   
  02/04 Durables Ex Transportation 07:00 Dec F 0.70% - 0.70% -  
                   
  02/05 Average Hourly Earnings MoM 05:30 Jan 0.30% - 0.80% -  
                   
  02/05 Average Hourly Earnings YoY 05:30 Jan 5.00% - 5.10% -  
                   
  02/05 Change in Nonfarm Payrolls 05:30 Jan 70k - -140k -
                   
 
 
 
 
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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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