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Market Commentary



 
Today's Coupons
 
  10-Year Notes   107-07 (-03)  
 
  FN 3.5% Coupon   105-18 (-12.5)  
 
  Support   2.594%  
 
  Resistance   0.5692%  
 
 
 
 
  Monday, April 13, 2020
 
 

Treasury Yields Climb Before Earnings Season Kicks Off

 
 
Market opened today’s session with treasuries inching lower across all maturities. 10-Year Treasury yield is at 0.7363, 1.72 bps increased from prior closing of 0.7191.

Stocks declined after the world’s top oil producers agreed to cut output by 9.7 million a day after a marathon of negotiations. Crude extended gains after President Trump added that OPEC+ was looking to cut by 20 million, not the 10 million reported. Both Treasuries and the dollar also slipped with mortgages underperforming Treasuries. On the pandemic front, Dr. Fauci, director of the National Institute of Allergy and Infectious Disease, said on Sunday that he was cautiously optimistic and parts of the country may start to reopen next month. However, he also added that it didn’t mean that the entire country would go back to normal at once. Today, we don’t have any economic data release, but traders will tune in to the earnings season that kicks off this week. With the coronavirus pandemic deteriorating the global economy, traders may get a sense of how bad the fallout would look like from the first-quarter results. JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs, and Wells Fargo are among the companies that are set to release their first-quarter results this week. Elsewhere, WTI crude edged higher, trading above $23 a barrel this morning.

The curve has bear-steepened with UST 10-Year yield up 1.72 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/14 Import Price Index MoM 05:30 Mar -3.10% - -0.50% -  
                   
  04/14 Import Price Index YoY 05:30 Mar -5.00% - -1.20% -  
                   
  04/14 Export Price Index MoM 05:30 Mar -1.90% - -1.10% -  
                   
  04/14 Export Price Index YoY 05:30 Mar - - -1.30% -  
                   
  04/15 MBA Mortgage Applications 04:00 10 Apr - - -17.90% -  
                   
  04/15 Retail Sales Advance MoM 05:30 Mar -8.00% - -0.50% -  
                   
  04/15 Empire Manufacturing 05:30 Apr -35.00 - -21.50 -  
                   
  04/15 Capacity Utilization 06:15 Mar 73.70% - 77.00% -  
                   
  04/15 Net Long-term TIC Flows 13:00 Feb - - $20.90B -  
                   
  04/15 Total Net TIC Flows 13:00 Feb - - $122.90B -  
                   
  04/16 Housing Starts 05:30 Mar 1300k - 1599k -  
                   
  04/16 Housing Starts MoM 05:30 Mar -18.70% - -1.50% -  
                   
  04/16 Building Permits 05:30 Mar 1300k - 1464k 1452k  
                   
  04/16 Building Permits MoM 05:30 Mar -10.50% - -5.50% -6.30%  
                   
  04/16 Philadelphia Fed Business Outlook 05:30 Apr -30.00 - -12.70 -  
                   
  04/16 Initial Jobless Claims 05:30 11 Apr 5350k - 6606k -  
                   
  04/16 Continuing Claims 05:30 4 Apr - - 7455k -  
                   
  04/16 Bloomberg Consumer Comfort 06:45 12 Apr - - 49.90 -  
                   
  04/17 Leading Index 07:00 Mar -7.00% - 0.10% -
                   
 
 
 
 
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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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