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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   95-30.5 (-01)  
  FN 2.5% Coupon   103-20.5 (-00.5)  
  Support   1.570%  
  Resistance   1.187%  
  Monday, April 26, 2021

Treasury Yields Drifted as Equities Headed for All-Time Highs

The market opened today's session with treasuries nearly unchanged across all maturities. The 10-Year Treasury yield is at 1.5614, 0.37 bp higher than prior closing of 1.5577.
US stocks headed for all-time highs ahead of the FOMC meeting this week as market participants built confidence that the Fed will still remain accommodative even after the recent strength seen in economic data. The Durable Goods Orders released this morning didn’t change the overall tone of the view even though it rebounded less than expected in March from revised prior of -0.90% to 0.50% vs. 2.30% consensus. The 10-year Treasury yield was little changed around its 50-day moving average and the dollar erased a loss. Investors’ focus will remain on corporate earnings as a slew of earnings from behemoths including Tesla which will report their results after the bell today, Facebook, and Apple are scheduled this week, and also on the FOMC meeting even as the current policy is expected to remain unchanged after their two-day meeting. With 25% of the S&P 500 companies reporting their results so far, 84% have reported a positive earnings per share and 77% have topped their revenue estimates. Elsewhere, oil retreated amid concern demand from the surge in coronavirus cases in India.
The curve has bear-flattened with the UST 10-Year yield up 0.37 bp.
This Week's Events
  04/26 Durable Goods Orders 05:30 Mar P 2.30% 0.50% -1.20% -0.90%  
  04/28 MBA Mortgage Applications 04:00 23 Apr - - 8.60% -  
  04/29 GDP Price Index 05:30 1Q A 2.60% - 2.00% -  
  04/29 GDP Annualized QoQ 05:30 1Q A 6.80% - 4.30%    
  04/29 Initial Jobless Claims 05:30 24 Apr 540k - 547k -  
  04/29 Continuing Claims 05:30 17 Apr 3590k - 3674k -  
  04/30 U. of Mich. Sentiment 07:00 Apr F 87.40 - 86.50 -
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