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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.670%  
  Support   1.546%  
  Resistance   1.288%  
  FN 2.5% Coupon   102.250 (+0.109)  
     Thursday, October 21, 2021

U.S. Equity Futures Fall, Initial Jobless Claims Decline


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6657, 0.90 bps higher than the prior closing of 1.6567.

Futures on the S&P 500 and Nasdaq 100 fell 0.20% and 0.30% respectively. Treasuries and the dollar were little changed as investors became less excited about earnings and signaled more worry about inflation and rising bond yields. As per Labor Department Data, applications for U.S. state unemployment benefits unexpectedly declined to 290,000 last week, the lowest since March 2020. Bitcoin hit a peak of almost $67,000 before dipping below $65,000. The Fed’s Beige Book discussed the moderate expansion of the US economy during September and the Impact of delta covid, which caused supply constraints and labor shortages, and rising prices in most districts. Oil held near $83.01 a barrel and gold rose. In Asia, the ailing China Evergrande Group sank on a worsening cash squeeze. Miners led a retreat in Europe’s Stoxx 600 index, while industrial commodities reversed earlier gains. MSCI Asia Pacific Index fell 0.60% while Japan’s Topix index lost 1.30%.

The curve has bear-flattened with the UST 10-Year yield up 0.90 bps.

This Week's Events
  10/18 Capacity Utilization 06:15 Sep 76.40% 75.20% 76.40% 76.20%  
  10/19 Building Permits MoM 05:30 Sep -2.40% -7.70% 6.00% 5.60%  
  10/19 Building Permits 05:30 Sep 1680k 1589k 1728k 1721k  
  10/20 MBA Mortgage Applications 04:00 15-Oct - -6.30% 0.20% -  
  10/21 Initial Jobless Claims 05:30 16-Oct 297k 290k 293k 296k  
  10/21 Continuing Claims 05:30 09-Oct 2548k 2481k 2593k 2603k  
  10/22 Markit US Manufacturing PMI 06:45 Oct P 60.50 - 60.70 -  
  10/22 Markit US Services PMI 06:45 Oct P 55.20 - 54.90 -  
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  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.  
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