Back to top

Market Commentary

Home
Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-06 (-10)  
 
  FN 3.5% Coupon   102-01.5 (-03)  
 
  Support   3.237%  
 
  Resistance   1.939%  
 
 
 
 
Tuesday, July 16, 2019
 
 
Treasury Yields Rise on Economic Data
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year Treasury yield is at 2.1270, 3.83 bps increased from prior closing of 2.0887.

US stock index futures rose and Treasuries slid as the earnings season switched into full gear. Stronger-than-expected retail sales also sent Treasuries further south early this morning. Goldman Sachs rose in premarket after releasing better-than-expected total trading revenue and Johnson & Johnson also rallied after reporting a 42% profit surge in the second quarter. On the contrary, JP Morgan Chase slipped in premarket after slashing its outlook despite of second quarter earnings that topped estimates. Wells Fargo also fell from weak earnings report. Meanwhile, investors will turn to a slew of speeches from the Fed officials throughout the day for further clarification on the extent of their recent dovishness. On the trade front, Treasury Secretary Steven Mnuchin said that there is a good chance of him and U.S. Trade Representative Robert Lighthizer traveling to Beijing if talks by phone become productive this week. Elsewhere, WTI crude edged below $60 a barrel this morning as US output returned after Hurricane Barry was downgraded.

Import Price Index in June slipped to -0.90% vs. -0.60% consensus following an upwardly revised prior of 0.00%. Retail Sales Advance in June came in above consensus of 0.20% at 0.40% following a downwardly revised reading of 0.40% in May. Industrial Production in June remained flat below 0.10% consensus from 0.40% prior. Lastly, Capacity Utilization in June declined to 77.90% vs. both consensus and prior of 78.10%. Later today, Net Long-Term TIC Flows and Total Net TIC Flows from May will be released at 1:00 PM (PT). Also, the US Treasury is scheduled to auction off $26 billion of 52-week bills at 8:30 AM (PT).

The curve has bear-steepened with UST 10-Year yield up 3.83 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/15 Empire Manufacturing 05:30 Jul 2.00 4.30 -8.60 -  
                   
  07/16 Import Price Index MoM 05:30 Jun -0.60% -0.90% -0.30% 0.00%  
                   
  07/16 Import Price Index YoY 05:30 Jun -2.30% -2.00% -1.50% -1.10%  
                   
  07/16 Export Price Index MoM 05:30 Jun -0.20% -0.70% -0.20% -  
                   
  07/16 Export Price Index YoY 05:30 Jun - -1.60% -0.70% -0.80%  
                   
  07/16 Retail Sales Advance MoM 05:30 Jun 0.20% 0.40% 0.50% 0.40%  
                   
  07/16 Industrial Production MoM 06:15 Jun 0.10% 0.00% 0.40% -  
                   
  07/16 Capacity Utilization 06:15 Jun 78.10% 77.90% 78.10% -  
                   
  07/16 NAHB Housing Market Index 07:00 Jul 64.00 65.00 64.00 -  
                   
  07/17 MBA Mortgage Applications 04:00 12 Jul - - -2.40% -  
                   
  07/17 Housing Starts 05:30 Jun 1260k - 1269k -  
                   
  07/17 Housing Starts MoM 05:30 Jun -0.70% - -0.90% -  
                   
  07/17 Building Permits 05:30 Jun 1300k - 1294k 1299k  
                   
  07/17 Building Permits MoM 05:30 Jun 0.10% - 0.30% 0.70%  
                   
  07/17

U.S. Federal Reserve Releases Beige

Book

11:00 - - - - -  
                   
  07/18 Initial Jobless Claims 05:30 13 Jul 216k - 209k -  
                   
  07/18 Continuing Claims 05:30 6 Jul 1703k - 1723k -  
                   
  07/18 Philadelphia Fed Business Outlook 05:30 Jul 5.00 - 0.30 -  
                   
  07/18 Bloomberg Consumer Comfort 06:45 14 Jul - - 63.80 -  
                   
  07/18 Leading Index 07:00 Jun 0.10% - 0.00% -  
                   
  07/19 U. of MichSentiment 07:00 Jul P 98.70 - 98.20 -
                   
 
 
 
 
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.  
 
©2020 Sun West Mortgage Company, Inc. All Rights Reserved