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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.570%  
  Support   1.595%  
  Resistance   1.268%  
  FN 2.5% Coupon   103.88 (+0.03)  
  Thursday, May 6, 2021

US Stocks Fluctuate After Jobless Claims

The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.5802, 1.42 bps higher than prior closing of 1.5660.
US stocks fluctuated after Jobless Claims reached at pandemic low, further adding to the evidence that the economy is at a rapid recovery. However, further debates over inflation potential still arise. Bonds fell. The S&P 500 Index continues to hover near record highs, with separate economic data highlighting a rebound in productivity as the pace of output exceeded a pickup in hours worked. Tesla climbed after they reported that production capacity for the second quarter is already sold out. PayPal rallied, with analysts confirming that payment results topped their already-high expectations. Moderna slid as its vaccine revenues missed estimates. Uber slumped after announcing that spending on driver recruitment will impact next quarter earnings. The Dow Jones Transportation Average surged 25% above its 200-day moving average after closing high on Wednesday. Traders now wait for Friday’s employment report, which is expected to have 1 millions jobs added in the US during April.
The curve has bear-steepened with UST 10-Year yield up 1.42 bps.
This Week's Events
  05/03 Markit US Manufacturing PMI 06:45 Apr F 60.70 60.50 60.60 -  
  05/03 Construction Spending MoM 07:00 Mar 1.60% 0.20% -0.80% -0.60%  
  05/03 ISM Prices Paid 07:00 Apr 86.00 89.60 85.60 -  
  05/04 Factory Orders 07:00 Mar 1.30% 1.10% -0.80% -0.50%  
  05/04 Durable Goods Orders 07:00 Mar F 0.50% 0.80% 0.50% -  
  05/04 Durables Ex Transportation 07:00 Mar F 1.60% 1.90% 1.60% -  
  05/05 MBA Mortgage Applications 04:00 30 Apr - -0.90% -2.50% -  
  05/05 ADP Employment Change 05:15 Apr 850k 742k 517k 565k  
  05/05 Markit US Services PMI 06:45 Apr F 63.10 64.70 63.10 -  
  05/05 Markit US Composite PMI 06:45 Apr F - 63.50 62.20 -  
  05/06 Initial Jobless Claims 05:30 1 May 538k 498k 553k 590k  
  05/06 Continuing Claims 05:30 24 Apr 3620k 3690k 3660k 3653k  
  05/07 Average Hourly Earnings MoM 05:30 Apr 0.00% - -0.10% -  
  05/07 Average Hourly Earnings YoY 05:30 Apr -0.40% - 4.20% -  
  05/07 Change in Nonfarm Payrolls 05:30 Apr 1000k - 916k -
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