Market opened today’s session with treasuries nudging lower across all maturities. 10-YearTreasury yield is at 1.5454, 1.85 bps increased from prior closing of 1.5269.
US equity futures pointed to a higher open this morning, rebounding from the recent sell-off as a tumultuous week of uncertainty wraps up. Nvidia Corp rose in premarket after quarterly sales and profit topped estimates and Deere & Co slipped after cutting its guidance. Despite of the gain in early morning today, stocks are heading for a third straight weekly loss. With expectation of more rate cuts looming among market participants, Fed Chair Powell may shed some light on how he views the path of interest rates at the annual central bankers retreat in Jackson Hole, Wyoming on August 23rd. The trade war still remains as the primary driver of markets and President Trump told reporters yesterday that the US and China are having very productive talks by phone. Elsewhere, oil pared some of its gains after OPEC said markets face a “somewhat bearish” outlook for the rest of the year.
Housing Starts in July slipped to 1191k from a downwardly revised prior of 1241k vs. 1256k consensus. However, single family starts rose for the second month in a row and permits also increased for a third straight month, painting a better outlook for the housing sector, especially with mortgage rates reaching the lows of recent years. Building Permits printed 1336k vs. 1270k consensus, following an upwardly revised prior of 1232k. Lastly, University of Michigan Sentiment lowered to 92.10 from 98.40 prior vs. 97.00 consensus.
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US equity futures pointed to a higher open this morning, rebounding from the recent sell-off as a tumultuous week of uncertainty wraps up. Nvidia Corp rose in premarket after quarterly sales and profit topped estimates and Deere & Co slipped after cutting its guidance. Despite of the gain in early morning today, stocks are heading for a third straight weekly loss. With expectation of more rate cuts looming among market participants, Fed Chair Powell may shed some light on how he views the path of interest rates at the annual central bankers retreat in Jackson Hole, Wyoming on August 23rd. The trade war still remains as the primary driver of markets and President Trump told reporters yesterday that the US and China are having very productive talks by phone. Elsewhere, oil pared some of its gains after OPEC said markets face a “somewhat bearish” outlook for the rest of the year.
Housing Starts in July slipped to 1191k from a downwardly revised prior of 1241k vs. 1256k consensus. However, single family starts rose for the second month in a row and permits also increased for a third straight month, painting a better outlook for the housing sector, especially with mortgage rates reaching the lows of recent years. Building Permits printed 1336k vs. 1270k consensus, following an upwardly revised prior of 1232k. Lastly, University of Michigan Sentiment lowered to 92.10 from 98.40 prior vs. 97.00 consensus.
The curve has bear-steepened with UST 10-Year yield up 1.85 bps.