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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   96-06.5 (+26.5)  
  FN 2.5% Coupon   103-19.5 (+11.5)  
  Support   1.269%  
  Resistance   0.798%  
  Thursday, April 15, 2021

US Stocks Gain as Companies Report Earnings; Treasuries Rise

The market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is at 1.5707, 6.16 bps lower than prior closing of 1.6323.

US stocks rose to record highs, following solid earnings reports and signals of economic recovery. The S&P 500 Index gained 0.7%, advancing to record highs as Retail Sales and Initial Jobless Claims topped prior estimates. Citigroup Inc. posted better than anticipated trade revenue, sending its shares even higher, and BlackRock Inc. had its assets under management rise to a record $9 trillion in its first quarter. Treasury yields fell.  The Stoxx Europe 600 Index also rose to a record high with a 0.4% increase. European equities were led by electrical power firm ABB Ltd. as it boosted its sales guidance and miners rallied. The Biden administration imposed new sanctions on some Russian debt, individuals and entities in retaliation for alleged misconduct related to the SolarWinds hack and the U.S. election. Equities have been pushed to near record levels as companies report earnings and expectations for economic recovery increase. Investors are closely monitoring developments on the vaccine rollout, while also keeping an eye on the threat from rising inflation. Elsewhere, Bitcoin was steady and Coinbase Global Inc. rose after news came out that three funds at Cathie Wood’s Ark Investment Management bought shares. PPD Inc. rallied after Thermo Fisher Scientific Inc. agreed to buy the health-care services firm for $17.4 billion. Oil declined after Wednesday’s surge. China’s economic growth, industrial production and retail sales figures come out on Friday.

The curve has bull-flattened with the UST 10-Year yield down 6.16 bps.

This Week's Events
  04/13 NFIB Small Business Optimism 03:00 Mar 98.50 98.20 95.80 -  
  04/13 CPI MoM 05:30 Mar 0.50% 0.60% 0.40% -  
  04/13 CPI YoY 05:30 Mar 2.50% 2.60% 1.70% -  
  04/13 CPI Index NSA 05:30 Mar 264.700 264.877 263.014 -  
  04/13 CPI Core Index SA 05:30 Mar 270.970 271.214 270.299 -  
  04/14 MBA Mortgage Applications 04:00 9 Apr - -3.70% -5.10% -  
  04/15 Initial Jobless Claims 05:30 10 Apr 700k 576k 744k 769k  
  04/15 Continuing Claims 05:30 3 Apr 3700k 3731k 3734k 3727k  
  04/16 Building Permits 07:00 Mar 1750k - 1682k 1720k  
  04/16 Building Permits MoM 05:30 Mar 1.70% - -10.80% -8.80%  
  04/16 Housing Starts 05:30 Mar 1611k - 1421k -  
  04/16 Housing Starts MoM 05:30 Mar 13.40% - -10.30% -  
  04/16 U. of Mich. Sentiment 07:00 Apr P 89.00 - 84.90 -
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