Back to top

Market Commentary

Home
Market Commentary



 
Today's Coupons
 
  10-Year Notes   1.612%  
 
  Support   1.588%  
 
  Resistance   1.248%  
 
  FN 2.5% Coupon   103.77 (+0.08)  
 
 
 
 
  Monday, May 3, 2021
 
 

Stocks Advance in Busy Week for Economic Reports; Congress Takes Over Biden's Pandemic Plan

 
 
Today's market session opened with treasuries mostly unchanged across all maturities. The 10-Year Treasury yield is at 1.6207, 0.52 bp lower than prior closing of 1.6259.
Stocks advanced in a busy week for economic data, with inflation as the centerpiece of investment debates. The S&P 500 Index rose 0.6%, led by commodity, financial, and industrial shares. Moderna rallied after agreeing to provide as many as 500 million doses of their Covid-19 shots to the Covax program in order to boost global vaccination efforts. Berkshire Hathaway saw gains as Warren Buffet said Greg Abel, the firm’s vice chairman of non-insurance business, would likely be his successor. Traders will be watching the latest figures on US Manufacturing and Construction Spending on Monday. Federal Reserve Chairman Jerome Powell speaks at 2:20 PM (PT). The April US employment report is due Friday, and some economists predict employers added 1 million or more jobs, inching the labor market closer to its pre-pandemic levels. President Joe Biden’s $4 trillion vision of remaking the federal government’s role in the US economy is now in the hands of Congress, where both parties see a higher chance of at least some compromise than for the administration’s pandemic-relief bill. During this week, on Tuesday, Trade Balance, Factory Orders, and Durable Goods are due. Also on Tuesday, the Reserve Bank of Australia is scheduled for a monetary policy decision. On Wednesday, Chicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College meanwhile Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic Club. On Thursday, the Bank of England comes to a rate decision.
The curve has bull-flattened with UST 10-Year yield down 0.52 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/03 Markit US Manufacturing PMI 06:45 Apr F 60.70 60.50 60.60 -  
                   
  05/03 Construction Spending MoM 07:00 Mar 1.60% 0.20% -0.80% -0.60%  
                   
  05/03 ISM Prices Paid 07:00 Apr 86.00 89.60 85.60 -  
                   
  05/04 Factory Orders 07:00 Mar 1.30% - -0.80% -  
                   
  05/04 Durable Goods Orders 07:00 Mar F 0.50% - 0.50% -  
                   
  05/04 Durables Ex Transportation 07:00 Mar F 1.60% - 1.60% -  
                   
  05/05 MBA Mortgage Applications 04:00 30 Apr - - -2.50% -  
                   
  05/05 ADP Employment Change 05:15 Apr 875k - 517k -  
                   
  05/05 Markit US Services PMI 06:45 Apr F 63.10 - 63.10 -  
                   
  05/05 Markit US Composite PMI 06:45 Apr F - - 62.20 -  
                   
  05/06 Initial Jobless Claims 05:30 1 May 540k - 553k -  
                   
  05/06 Continuing Claims 05:30 24 Apr 3620k - 3660k -  
                   
  05/07 Average Hourly Earnings MoM 05:30 Apr 0.00% - -0.10% -  
                   
  05/07 Average Hourly Earnings YoY 05:30 Apr -0.40% - 4.20% -  
                   
  05/07 Change in Nonfarm Payrolls 05:30 Apr 980k - 916k -
                   
 
 
 
 
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 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.  
 
 
© Sun West Mortgage Company, Inc. All Rights Reserved