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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-18 (-01)  
 
  FN 2.5% Coupon   103-24.5 (+00.5)  
 
  Support   2.148%  
 
  Resistance   0.599%  
 
 
 
 
  Tuesday, June 2, 2020
 
 

Treasury Yields Slightly Rise as Stocks Gain on Economy Reopening

 
 
Market opened today’s session with treasuries edging lower across all maturities. 10-Year Treasury yield is at 0.6656, 0.65 bp increased from prior closing of 0.6591.

US stocks churned higher as investors looked past civil unrest in America and continued to focus on positive economic signals and reopening from the pandemic. Stocks tied to the reopening; retailers, airlines, and cruise, advanced once again. While stocks have been driven toward the highest in three months, there is still a lingering tension between the US and China that may jeopardize a hard-won phase one deal. Yesterday, China had reportedly asked state-owned agricultural companies to pause purchases of soybeans and pork from the US. On the other hand, although the unrest in America has largely been dismissed in equities, that could change if the protests continued through the summer, disrupting states’ plans to reopen the economy. Treasuries drifted and WTI crude edged higher as investors weighed a potential extension of production curbs by OPEC+, hovering around $36 a barrel. Later today, Wards Total Vehicle Sales in May will be released.

The curve has bear-steepened with UST 10-Year yield up 0.65 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/01 Construction Spending MoM 07:00 Apr -7.00% -2.90% 0.90% 0.00%  
                   
  06/01 ISM Manufacturing 07:00 May 43.80 43.10 41.50 -  
                   
  06/01 ISM Prices Paid 07:00 May 40.00 40.80 35.30 -  
                   
  06/03 MBA Mortgage Applications 04:00 29 May - - 2.70% -  
                   
  06/03 ADP Employment Change 05:15 May -9000K - -20236K -  
                   
  06/03 Markit US Services PMI 06:45 May F 37.30 - 36.90 -  
                   
  06/03 Markit US Composite PMI 06:45 May F - - 36.40 -  
                   
  06/03 Factory Orders 07:00 Apr -13.40% - -10.30% -10.40%  
                   
  06/03 Durable Goods Orders 07:00 Apr F -17.20% - -17.20% -  
                   
  06/03 Durables Ex Transportation 07:00 Apr F -7.40% - -7.40% -  
                   
  06/04 Trade Balance 05:30 Apr -$49.20b - -$44.40b -  
                   
  06/04 Initial Jobless Claims 05:30 30 May 1812K - 2123K -  
                   
  06/04 Continuing Claims 05:30 23 May 20050K - 21052K -  
                   
  06/04 Bloomberg Consumer Comfort 06:45 31 May - - 35.50 -  
                   
  06/05 Change in Nonfarm Payrolls 05:30 May -8000K - -20537K -  
                   
  06/05 Average Hourly Earnings MoM 05:30 May 1.00% - 4.70% -  
                   
  06/05 Average Hourly Earnings YoY 05:30 May 8.50% - 7.90% -
                   
 
 
 
 
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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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