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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   100-08.5 (-01.5)  
 
  FN 2.5% Coupon   104-25.5 (+03)  
 
  Support   0.787%  
 
  Resistance   0.614%  
 
 
 
 
  Monday, November 30, 2020
 
 

Treasury Yields Rise as Equities Set to Close a Stellar Month

 
 
Market opened today's session with treasuries lower across all maturities. 10-Year Treasury yield is at 0.8488, 1.15 bps increased from prior closing of 0.8373.
US stocks opened lower this morning, with global stocks and small-caps headed towards their best month on record. Notable market gainers include IHS Markit Ltd. as the company saw shares jump 6.5% following news it will be bought by S&P Global Inc. With vaccine optimism driving headlines, haven assets have taken a decline, with Gold down 0.6% to $1,776.34, its weakest level in five months. Elsewhere, oil stood at $45.31 a barrel with the latest informal OPEC+ meeting doing little to move the commodity after an agreement was not met regarding a delay on January's oil-output increase. Overseas, ABN Amro Bank NV fell by 6.5% after announcing 2,800 job cuts over the next four years. On the economic front, MNI Chicago PMI failed to meet expectations after reporting at 58.20 for the month of November. Notably, order backlogs and prices paid rose at a faster pace, meanwhile, employment fell at a slower pace. In total, the report continues to be indicative of an expansionary economic environment. Reporting tomorrow is the Markit US Manufacturing PMI and Pending Home Sales MoM, with both expected at 56.70 and 58.00, respectively.
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  
  11/30 Dallas Fed Manf. Activity 07:30 Nov 14.30 12.00 19.80 -  
                   
  12/01 ISM Prices Paid 07:00 Nov 64.00 - 65.50 -  
                   
  12/01 Construction Spending MoM 07:00 Oct 0.80% - 0.30% -  
                   
  12/02 MBA Mortgage Applications 04:00 27 Nov - - 3.90% -  
                   
  12/02 ADP Employment Change 05:15 Nov 440k - 365k -  
                   
  12/03 Initial Jobless Claims 05:30 28 Nov 775k - 778k -  
                   
  12/03 Continuing Claims 05:30 21 Nov 5811k - 6071k -  
                   
  12/03 Bloomberg Consumer Comfort 06:45 29 Nov - - 49.60 -  
                   
  12/03 Markit US Services PMI 06:45 Nov F 57.50 - 57.70 -  
                   
  12/03 Markit US Composite PMI 06:45 Nov F - - 57.90 -  
                   
  12/04 Change in Nonfarm Payrolls 05:30 Nov 500k - 638k -  
                   
  12/04 Average Hourly Earnings MoM 05:30 Nov 0.10% - 0.10% -  
                   
  12/04 Average Hourly Earnings YoY 05:30 Nov 4.20% - 4.50% -  
                   
  12/04 Factory Orders 07:00 Oct 0.80% - 1.10% -  
                   
  12/04 Durable Goods Orders 07:00 Oct F 1.30% - 1.30% -  
                   
  12/04 Durables Ex Transportation 07:00 Oct F 1.30% - 1.30% -
                   
 
 
 
 
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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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