Back to top

Market Commentary

Home
Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   1.570%  
 
  Support   1.688%  
 
  Resistance   1.570%  
 
  FN 2.5% Coupon   103.51 (-0.08)  
 
 
 
 
  Monday, June 7, 2021
 
 

Tech Stocks Fall Along with Treasuries; Bitcoin Rebounded

 
 
The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5721, 1.87 bps higher than prior closing of 1.5534.

US stocks fluctuated and Treasury yields rose as investors weighed inflation risks and the potential impact of a minimum corporate tax. The S&P 500 Index fell 0.1% and the tech-heavy Nasdaq 100 Index fell 0.2%, with losses in megacap tech stocks such as Apple, Amazon, and Facebook. Biogen rallied as the Food and Drug Administration was set to decide on Monday if its Alzheimer’s drug will be approved. Tesla fell after Chief Executive Officer Elon Musk tweeted on Sunday the Model S Plaid Plus is officially canceled. Bitcoin rebounded above $36,000 after a volatile  weekend amid a cryptocurrency crackdown in China. Underperformance by the tech-heavy Nasdaq suggested investors were looking beyond pure growth narratives to sustain gains. European stocks advanced with a 0.3% increase in the Stoxx 600, with carmakers and consumer-products companies outperforming. While newly found inflation has sparked a debate on whether the Federal Reserve will start tapering stimulus, recent data including Friday’s payrolls report seemed to justify the central bank’s dovish stance. Coming up this week, Apple will hold its annual Worldwide Developers Conference through June 11, announcing new hardware and software. On Thursday, Iran nuclear deal talks reconvene in Vienna and the US consumer price index is released. On Friday, the Group of Seven summit starts in Cornwall, England.

The curve has bear-steepened with the UST 10-Year yield up 1.87 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/08 NFIB Small Business Optimism 03:00 May 101.00 - 99.80 -  
                   
  06/09 MBA Mortgage Applications 04:00 4 Jun - - -4.00% -  
                   
  06/10 CPI MoM 05:30 May 0.40% - 0.80% -  
                   
  06/10 CPI YoY 05:30 May 4.70% - 4.20% -  
                   
  06/10 CPI Index NSA 05:30 May 268.644 - 267.054 -  
                   
  06/10 CPI Core Index SA 05:30 May 274.814 - 273.700 -  
                   
  06/10 Initial Jobless Claims 05:30 5 Jun 370k - 385k -  
                   
  06/10 Continuing Claims 05:30 29 May 3650k - 3771k -  
                   
  06/11 U. of Mich. Sentiment 07:00 Jun P 84.40 - 82.90 -
                   
 
 
 
 
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