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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   98-06 (-21)  
 
  FN 2.5% Coupon   103-14.5 (-07)  
 
  Support   2.148%  
 
  Resistance   0.599%  
 
 
 
 
  Thursday, June 4, 2020
 
 

Treasury Yields Climb after Disappointing Jobless Data

 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year Treasury yield is at 0.8118, 6.60 bps increased from prior closing of 0.7458.

US stocks traded mixed after the gains for equities in the past week took valuations too high, marking the highest since 2000. The S&P 500 slipped for the first time in five sessions and the tech-heavy Nasdaq 100 inched higher after eBay raised its forecast for sales and earnings. Another 1.877 million Americans filed for unemployment benefits last week, above consensus of 1.833 million and Continuing Claims also jumped to 21.487 million from a downwardly revised prior of 20.838 million, dampening the market sentiment early in the morning. On the other hand, however, Bloomberg Consumer Comfort index rose to 37.00 from 35.50 prior. Treasuries sold-off and both gold and silver advanced. Elsewhere, WTI crude edged lower after a report put the strength of the demand recovery in question. In Europe, German Chancellor Merkel’s coalition agreed on a $145 billion package to boost short term consumer spending and business investing. Tomorrow, market focus will shift toward the nonfarm payroll data which is scheduled to be released at 5:30 AM (PT).

The curve has bear-steepened with UST 10-Year yield up 6.60 bps.
 
 
   
 
   
 
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 - -3.90% 2.70% -  
                   
  06/03 ADP Employment Change 05:15 May -9000K -2760k -20236K -19557k  
                   
  06/03 Markit US Services PMI 06:45 May F 37.30 37.50 36.90 -  
                   
  06/03 Markit US Composite PMI 06:45 May F - 37.00 36.40 -  
                   
  06/03 Factory Orders 07:00 Apr -13.40% -13.00% -10.30% -11.00%  
                   
  06/03 Durable Goods Orders 07:00 Apr F -17.20% -17.70% -17.20% -  
                   
  06/03 Durables Ex Transportation 07:00 Apr F -7.40% -7.70% -7.40% -  
                   
  06/04 Trade Balance 05:30 Apr -$49.40b -$49.40b -$44.40b -$42.30b  
                   
  06/04 Initial Jobless Claims 05:30 30 May 1833K 1877K 2123K 2126K  
                   
  06/04 Continuing Claims 05:30 23 May 20000K 21487K 21052K 20838K  
                   
  06/04 Bloomberg Consumer Comfort 06:45 31 May - 37.00 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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