Back to top

Market Commentary

Home
Market Commentary



 
Today's Coupons
 
  10-Year Notes   99-14.5 (-02)  
 
  FN 2.5% Coupon   105-00 (-00.5)  
 
  Support   1.942%  
 
  Resistance   0.619%  
 
 
 
 
  Tuesday, September 15, 2020
 
 

Treasury Yields Increase as Tech Sector Rallies

 
 
Market opened today’s session with treasuries lower across all maturities. 10-Year Treasury yield is at 0.6838, 1.15 bps increased from prior closing of 0.6723.

Market opened with Nasdaq at its peak after suffering through its worst week since March. Data suggests global economic recovery is gaining traction, with US tech shares gaining the most, led by communication, utilities, and information technology. Notable early gainers include Tesla inc, Apple Inc. and Nividia Corp. Traders continue to monitor the Federal Reserve's policy meeting on Wednesday with expectations set at the Fed maintaining a dovish stance, even after previously reporting it will shift towards a more relaxed approach on inflation. In global news, Hennes Mauritz AB spearheaded a rally among fashion retailers in European markets following a beat in profits. Elsewhere, the Yuan climbed to the highest level in a year as Shanghai stocks rose on the back of evidence China is advancing out of the virus slump. The Australian dollar advanced following the Australian central bank's latest minutes indicating it did not plan to ease further. On the economic front, Empire State Manufacturing Index strongly outperformed expectations of 6.90 after reporting a value of 17.00 for the month of September. Key takeaway from today's report is that while firms expressed optimism in September, unless more aid or a pick up in revenues takes place, many businesses will be left to close their doors. Additionally Industrial Production failed to beat expectations after reporting at 0.40% for the month of August. With manufacturing production rising less than the prior month, today's report showcases a more moderate recovery for factories.

The curve has bear-steepened with UST 10-Year yield up 1.15 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/15 Empire Manufacturing 05:30 Sep 6.90 17.00 3.70 -  
                   
  09/15 Import Price Index MoM 05:30 Aug 0.50% 0.90% 0.70% 1.20%  
                   
  09/15 Import Price Index YoY 05:30 Aug -2.10% -1.40% -3.30% -2.80%  
                   
  09/16 MBA Mortgage Applications 04:00 11 Sep - - 2.90% -  
                   
  09/17 Housing Starts 05:30 Aug 1485k - 1496k 1483k  
                   
  09/17 Housing Starts MoM 05:30 Aug -0.70% - 22.60% -  
                   
  09/17 Building Permits 05:30 Aug 1517k - 1495k 1483k  
                   
  09/17 Building Permits MoM 05:30 Aug 2.30% - 18.80% 17.90%  
                   
  09/17 Initial Jobless Claims 05:30 12 Sep 850k - 884k -  
                   
  09/17 Continuing Claims 05:30 5 Sep 13000k - 13385k -  
                   
  09/17 Bloomberg Consumer Comfort 06:45 13 Sep - - 47.80 -  
                   
  09/18 Leading Index 07:00 Aug 1.30% - 1.40% -  
                   
  09/18 U. of Mich. Sentiment 07:00 Sep P 75.00 - 74.10 -
                   
 
 
 
 
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

Sun West Mortgage Company, Inc. (NMLS ID #3277, www.nmlsconsumeraccess.org) is an Equal Opportunity Lender and licensed by the Department of Business Oversight under the California Financing Law License [Loans made or arranged pursuant to a California Financing Law license]; licensed in Arizona as Sun West Mortgage USA, Inc. (FN) and holds a Mortgage Banker License #BK-0909624, licensed in Connecticut as "Mortgage Possible" and holds Mortgage Lender License #19683, an Illinois Residential Mortgage Licensee, a Kansas licensed mortgage company License #MC.0025313, licensed by the Mississippi Department of Banking and Consumer Finance, licensed by the N.J. Department of Banking and Insurance, licensed Mortgage Banker - NYS Department of Financial Services, licensed in New Mexico as Sun West Mortgage USA, Inc. and holds a Mortgage Loan Company License #03201, licensed in Utah as Sun West Mortgage USA Company, Inc. and holds Residential First Mortgage Notification #UDFI-RFMN2015, Rhode Island Licensed Lender. Please refer to www.swmc.com/swmc/disclaimer.php and www.nmlsconsumeraccess.org/EntityDetails.aspx/company/3277 to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. In all jurisdictions, the principal (Main) licensed location of Sun West Mortgage Company, Inc. is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, Phone: (800) 453-7884.

-->