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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   94-26.5 (-06)  
 
  FN 2.5% Coupon   102-21.5 (-01)  
 
  Support   1.257%  
 
  Resistance   0.793%  
 
 
 
 
  Monday, March 29, 2021
 
 

Treasury Yields Rise as US Stocks Drop; Financial Markets Force Block Trades

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 1.6885, 1.25 bps increased from prior closing of 1.6760.
US Stocks dropped from all-time highs as financial markets forced block trades. The S&P 500 Index dipped 0.3% as news from Archegos Capital management LLC showed that the company went on a $20 billion spree of block trades on Friday, selling Chinese tech giants and US media firms. Both Morgan Stanley and Goldman Sachs Group Inc. fell, Viacom edged lower and Discovery Inc. rose. The Stoxx Europe 600 Index climbed 0.2% to 427.68, the highest it has been in 13 months. The West Intermediate crude fell 0.9% to $60.43 a barrel. The Suez Canal crisis began its recovery as the Ever Given was finally pulled free in a first attempt to reopen traffic. The Suez Canal Authority informs that the vessel is now fully afloat. Shipping navigation attempts will now get under way, with more than 450 vessels waiting near the canal. Global supply chains should now begin recovery from strains caused by this backlog. In terms of currencies, The Bloomberg Dollar Spot Index climbed 0.1% to 1,149.20 along with the British pound which increased 0.3% to $1.3829. The euro fell 0.1% to $1.1788. Elsewhere, Bitcoin is headed for its biggest one-day gain in two weeks, climbing around $58,000 as of this morning. Later this week, on Wednesday, US President Joe Biden will announce another stimulus program with a focus on infrastructure. Investors are to focus on the strength of recovery, aided by vaccines and inflation risks. Additionally, traders focus on the demand impact which new coronavirus lockdowns cause before the OPEC+ policy discussions on Thursday. The US employment report for March will be announced on Friday.
The curve has bear-steepened with UST 10-Year yield up 1.25 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/29 Dallas Fed Manf. Activity 07:30 Mar 16.80 28.90 17.20 -  
                   
  03/30 S&P CoreLogic CS 20-City YoY NSA 06:00 Jan 11.25% - 10.10% -  
                   
  03/30 S&P CoreLogic CS 20-City MoM SA 06:00 Jan 1.20% - 1.25% -  
                   
  03/30 Conf. Board Consumer Confidence 07:00 Mar 96.70 - 91.30 -  
                   
  03/31 MBA Mortgage Applications  04:00 26 Mar - - -2.50% -  
                   
  04/01 Initial Jobless Claims 05:30 27 Mar 680k - 684k -  
                   
  04/01 Continuing Claims 05:30 20 Mar 3750k - 3870k -  
                   
  04/02 Average Hourly Earnings MoM 05:30 Mar 0.10% - 0.20% -  
                   
  04/02 Average Hourly Earnings YoY 05:30 Mar 4.50% - 5.30% -  
                   
  04/02 Change in Nonfarm Payrolls 05:30 Feb F 650k - 379k -  
                   
 
 
 
 
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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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