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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-05.5 (-05.5)  
 
  FN 3.5% Coupon   103-03 (-01.5)  
 
  Support   2.368%  
 
  Resistance   2.213%  
 
 
 
 
Wednesday, October 04, 2017
 
 
Treasuries are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.343% after closing at 2.324% prior.

This morning we received the ADP Employment Change report for September which came in as expected showing a 135k private payroll growth for the month. September's private payroll growth came in 93k below August's downwardly revised 228k growth which reflects a clear impact from Hurricanes Irma and Harvey. Also on the calendar was the September ISM Non-Manufacturing Index which jumped to 59.80 from 55.30 prior; consensus called for a slight increase from 55.30 to 55.50.

We also received the MBA Mortgage Applications for the week ending on September 29th which dropped 0.40% in activities following a 0.50% drop the week prior. This is the third consecutive week that mortgage applications decreased as refinancing activities fell 1.80% after falling 3.50% the prior week, and purchase applications rose just 1.00% after rising 2.80% prior. Lastly, the Markit US Services PMI for September came in slightly above expectations at 55.30 versus 55.10 per consensus, and the Markit US Composite PMI rose slightly higher to 54.80 from 54.60 prior.

The curve has bear-steepened with the UST 10-Year up 1.9 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/02 Markit US Manufacturing PMI 06:45 Sep F 53.00 53.10 53.00 -  
                   
  10/02 ISM Manufacturing 07:00 Sep 58.10 60.80 58.80 -  
                   
  10/02 ISM Prices Paid 07:00 Sep 63.00 71.50 62.00 -  
                   
  10/02 Construction Spending MoM 07:00 Sep 0.40% 0.50% -0.60% -1.20%  
                   
  10/03 No Data - - - - - -  
                   
  10/04 MBA Mortgage Applications 04:00 29 Sep - -0.40% -0.50% -  
                   
  10/04 ADP Employment Change 05:15 Sep 135k 135k 237k 228k  
                   
  10/04 Markit US Services PMI 06:45 Sep F 55.10 55.30 55.10 -  
                   
  10/04 Markit US Composite PMI 06:45 Sep F - 54.80 54.60 -  
                   
  10/05 Challenger Job Cuts YoY 04:30 Sep - - 5.10% -  
                   
  10/05 Initial Jobless Claims 05:30 30 Sep 265k - 272k -  
                   
  10/05 Continuing Claims 05:30 23 Sep 1950k - 1934k -  
                   
  10/05 Trade Balance 05:30 Aug -$42.70b - -$43.70b -  
                   
  10/05 Bloomberg Consumer Comfort 06:45 1 Oct - - 51.60 -  
                   
  10/05 Factory Orders 07:00 Aug 1.00% - -3.30% -  
                   
  10/05 Durable Goods Orders 07:00 Aug F 1.70% - 1.70% -  
                   
  10/05 Durables Ex Transportation 07:00 Aug F - - 0.20% -  
                   
  10/06 Change in Nonfarm Payrolls 05:30 Sep 80k - 156k -  
                   
  10/06 Unemployment Rate 05:30 Sep 4.40% - 4.40% -  
                   
  10/06 Average Hourly Earnings MoM 05:30 Sep 0.30% - 0.10% -  
                   
  10/06 Average Hourly Earnings YoY 05:30 Sep 2.50% - 2.50% -  
                   
  10/06 Labor Force Participation Rate 05:30 Sep - - 62.90% -  
                   
  10/06 Underemployment Rate 05:30 Sep - - 8.60% -  
                   
  10/06 Wholesale Trade Sales MoM 07:00 Aug - - -0.10% -  
                   
  10/06 Wholesale Inventories MoM 07:00 Aug F 1.00% - 1.00% -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice 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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