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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.645%  
  Support   1.629%  
  Resistance   1.381%  
  FN 2.5% Coupon   103.41 (+0.16)  
  Friday, May 14, 2021

Stocks Gain As Rebound Is Seen Gaining Momentum

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.6318, 2.56 bps lower than prior closing of 1.6574.

US equities rose and Treasury yields declined for a second consecutive day as commodity prices helped calm concerns regarding inflation risks. Energy and technology shares led the benchmark S&P 500 Index higher with 1.1% increase. Futures had earlier pared gains after a report showed US retail sales stalled in April. The tech-heavy Nasdaq 100 also rose with a 1.2% increase, suggesting a market recovery is gaining momentum, after a bruising week that saw gathering price pressures hit equities. An advance in European stocks was led by cyclical industries, with the Stoxx 600 gaining 0.9%. MSCI Inc.’s Asia-Pacific share gauge advanced more than 1%. Walt Disney Co. fell after results that showed a faltering in growth at streaming service Disney+. Treasuries remained higher after the report showed retail sales stalled in April following a sharp advance in the prior month. The dollar remained weaker against all of its Group of 10 peers. Iron ore continued its fall from a record amid efforts by China to clamp down on surging prices, with the metal set for the biggest two-day plunge since 2019. Oil erased an earlier decline, paring its weekly loss. Elsewhere, Bitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.

The curve has bull-flattened with the UST 10-Year yield down 2.56 bps.

This Week's Events
  05/11 NFIB Small Business Optimism 03:00 Apr 100.80 99.80 98.20 -  
  05/12 MBA Mortgage Applications 04:00 7 May - 2.10% -0.90% -  
  05/12 CPI MoM 05:30 Apr 0.20% 0.80% 0.60% -  
  05/12 CPI YoY 05:30 Apr 3.60% 4.20% 2.60% -  
  05/12 CPI Index NSA 05:30 Apr 265.600 267.054 264.877 -  
  05/12 CPI Core Index SA 05:30 Apr 271.922 273.700 271.214 -  
  05/13 Initial Jobless Claims 05:30 8 May 490k 473k 498k 507k  
  05/13 Continuing Claims 05:30 1 May 3650k 3655k 3690k 3700k  
  05/14 Import Price Index YoY 05:30 Apr 10.20% 10.60% 6.90% 7.00%  
  05/14 U. of Mich. Sentiment 07:00 May P 90.00 82.80 88.30 -
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