Back to top

Market Commentary

Home
Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-29 (-01.5)  
 
  FN 3.5% Coupon   100-13 (-01.5)  
 
  Support   3.237%  
 
  Resistance   2.618%  
 
 
 
 
Monday, March 11, 2019
 
 
Treasury Yields Climb as Stocks Gain a Boost from Tech Shares
 
 
Market opened today’s session with treasuries slightly inching lower across all maturities. 10-Year treasury yield is at 2.6339, 0.54 bp increased from prior closing of 2.6285.

US equity futures pointed to a mixed open this morning, trying to shake off the worst week of the year as the retail sales displayed confidence in the economy. Both S&P 500 and the Nasdaq 100 advanced after Facebook and Apple stocks were upgraded to buy by investment banks, and Nvidia agreed to buy chipmaker Mellanox for $6.90 billion. However, the Dow was under a lot of pressure as Boeing fell more than 11 percent following a flight crash in Ethiopia on Sunday which involved its 737 Max 8 jet. In the wake of the accident, China grounded flights of the model which was involved in a second crash in less than six months. Yesterday, Fed Chair Powell reiterated Fed’s “patient” stance in their interest rate policy in an interview. Treasuries slipped and WTI crude climbed this morning as Saudi Arabia extended production cuts into a second month.

The headline Retail Sales in January improved to 0.20% from -1.60% revised prior vs. a flat consensus. The retail sales excluding auto also climbed to 0.90% from -2.10% revised prior vs. 0.30% consensus. This modest increase in retail sales may help alleviate concerns over the economic slowdown but it is still not enough to assume stellar performance for the remainder of the year. Lastly, the December US Business Inventories came in line with consensus at 0.60% vs. a flat revised prior. The US Treasury is scheduled to auction off $38 billion of 3-Year notes at 10:00 AM (PT) today.

The curve has bear-steepened with UST 10-Year yield up 0.54 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/11 Retail Sales Advance MoM 05:30 Jan 0.00% 0.20% -1.20% -1.60%  
                   
  03/11 Business Inventories 07:00 Dec 0.60% 0.60% -0.10% 0.00%  
                   
  03/12 NFIB Small Business Optimism 03:00 Feb 102.50 - 101.20 -  
                   
  03/12 CPI MoM 05:30 Feb 0.20% - 0.00% -  
                   
  03/12 CPI YoY 05:30 Feb 1.60% - 1.60% -  
                   
  03/13 MBA Mortgage Applications 04:00 8 Mar - - -2.50% -  
                   
  03/13 PPI Final Demand MoM 05:30 Feb 0.20% - -0.10% -  
                   
  03/13 PPI Final Demand YoY 05:30 Feb 1.90% - 2.00% -  
                   
  03/13 Durable Goods Orders 05:30 Jan P -0.50% - - -  
                   
  03/13 Durables Ex Transportation 05:30 Jan P 0.10% - - -  
                   
  03/14 Import Price Index MoM 05:30 Feb 0.30% - -0.50% -  
                   
  03/14 Import Price Index YoY 05:30 Feb -1.50% - -1.70% -  
                   
  03/14 Export Price Index MoM 05:30 Feb 0.10% - -0.60% -  
                   
  03/14 Export Price Index YoY 05:30 Feb - - -0.20% -  
                   
  03/14 Initial Jobless Claims 05:30 9 Mar 225k - 223k -  
                   
  03/14 Continuing Claims 05:30 2 Mar 1763k - 1755k -  
                   
  03/14 Bloomberg Consumer Comfort 06:45 10 Mar - - 62.10 -  
                   
  03/15 Empire Manufacturing 05:30 Mar 10.00 - 8.80 -  
                   
  03/15 Industrial Production MoM 06:15 Feb 0.40% - -0.60% -  
                   
  03/15 Capacity Utilization 06:15 Feb 78.50% - 78.20% -  
                   
  03/15 JOLTS Job Openings 07:00 Jan 7225 - 7335 -  
                   
  03/15 U. of Mich. Sentiment 07:00 Mar P 95.60 - 93.80 -  
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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  
 
©2019 Sun West Mortgage Company, Inc. All Rights Reserved