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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   96-08 (-03.5)  
  FN 2.5% Coupon   103-11 (+01.5)  
  Support   1.369%  
  Resistance   0.872%  
  Thursday, March 11, 2021

Treasury Yields Rise as Jobless Claims Improve

Market opened today's session with treasuries lower across all maturities. 10-year Treasury yield is at 1.5405, 2.27 bps increased from prior closing of 1.5178.

US stocks opened higher this morning, as tech stocks continued their rebound. Up 1.5%, tech-heavy Nasdaq resumed its climb from an 11% drop in February, all the while GameStop Corp. saw shares lower following a tumultuous-volatility driven day. Other noteworthy movers include AMC Entertainment Holdings Inc. following reporting of a smaller than expected loss, and Roblox Corp., which saw shares higher after Ark Investment Management disclosed a position with the company. In Europe, the European Central Bank announced an increase in the pace of bond purchases, still maintaining planned purchases at $2.2 trillion. Elsewhere, investors will look towards the result of the 30-year Treasury note auction, to be hosted later today. WTI crude noted a gain of 0.8% as Gold increased by 0.6%, towards $1,736.26 an ounce. On the economic front, Initial Jobless Claims reported below expectations, at 712K for the week ending March 6. Hitting the lowest point since November, today's figure bodes a positive image for the labor economy, with overall claims fell by  42K from a week prior. Continuing claims posted a decline, showing a retraction of 193K claims, towards 4.14 million, all the while federal unemployment programs increased with Pandemic Unemployment Assistance claims increasing by over 1 million. Notably, New York, Mississippi, and Texas all recorded the largest drops in initial claims, meanwhile California posted the highest increase for the reported period. Reporting tomorrow are PPI Final Demand and University of Michigan Sentiment Index, both expected at 0.40% and 78.50, respectively.

The curve has bear-steepened with UST 10-Year yield up 2.27 bps.

This Week's Events
  03/09 NFIB Small Business Optimism 03:00 Feb 97.00 95.80 95.00 -  
  03/10 MBA Mortgage Applications 04:00 5 Mar - -1.30% 0.50% -  
  03/10 CPI MoM 05:30 Feb 0.40% 0.40% 0.30% -  
  03/10 CPI YoY 05:30 Feb 1.70% 1.70% 1.40% -  
  03/10 CPI Index NSA 05:30 Feb 263.121 263.014 261.582 -  
  03/10 CPI Core Index SA 05:30 Feb 270.394 270.299 270.025 -  
  03/11 Initial Jobless Claims 05:30 6 Mar 725k 712k 745k 754k  
  03/11 Continuing Claims 05:30 27 Feb 4200k 4144k 4295k 4337k  
  03/11 JOLTS Job Openings 07:00 Jan 6700 6917 6646 6752  
  03/12 PPI Final Demand MoM 05:30 Feb 0.40% - 1.30% -  
  03/12 PPI Final Demand YoY 05:30 Feb 2.70% - 1.70% -  
  03/12 U. of Mich. Sentiment 07:00 Feb P 78.50 - 76.80 -
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