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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.608%  
  Support   1.7404%  
  Resistance   1.3416%  
  FN 2.5% Coupon   103.625 (+0.04)  
  Monday, May 24, 2021
Technology Shares Lead Gains in U.S. Stocks As Inflation Fear Dwindles
The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.6182, 0.34 bp lower than prior closing of 1.6216.

Led by the Tech sector, US stocks saw gains as anxiety over inflation eased down. Weaker than expected economic reports have helped investors tame worries regarding inflation. Data from the Federal Reserve Bank of Chicago showed that the U.S. economic activity slowed down in April. This renewed confidence is expected to continue to influence stocks to rise. As all major groups advanced, the S&P 500 Index rose 0.50% while the Nasdaq 100 rose 1.70%. Shares of Virgin Galactic Holdings Inc. soared after announcing a successful test flight over the weekend. In terms of cryptocurrency, after suffering an 18% plunge over the weekend, Bitcoin bounced back with its biggest surge seen since February. Coinbase Global Inc. stocks also gained as Goldman Sachs recommended buying shares of the cryptocurrency exchange. In Europe, the Stoxx Europe 600 fell 0.10%, while in Asia, China’s stance against soaring commodity prices is pushing base metals down. Coming up this week, the FHFA House Price Index MoM, New Home Sales Report and Conf. Board Consumer Confidence Report will be released on Tuesday. On Wednesday, CEOs of the largest US banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees. And on Thursday, U.S. Initial jobless claims, GDP, durable goods, and other pending home sales reports will be released.

The curve has bull-flattened with UST 10-Year yield down 0.34 bp.
This Week's Events
  05/24 Chicago Fed Nat Activity Index 05:30 Apr 1.20 0.24 1.71 -  
  05/25 FHFA House Price Index MoM 06:00 Mar 1.20% - 0.90% -  
  05/25 New Home Sales 07:00 Apr 950k - 1021k -  
  05/26 MBA Mortgage Applications 04:00 21 May - - 1.20% -  
  05/27 Durable Goods Orders 05:30 Apr P 0.80% - 0.80% -  
  05/27 Initial Jobless Claims 05:30 22 May 425k - 444k -  
  05/27 Continuing Claims 05:30 15 May 3680k - 3751k -  
  05/28 Personal Income 05:30 8 May -14.30% - 21.10% -  
  05/28 Personal  Spending 05:30 Apr 0.50% - 4.20% -  
  05/28 Wholesale Inventories MoM 05:30 Apr P 0.70% - 1.30% -  
  05/28 Retail Inventories MoM 05:30 Apr -2.00% - -1.40% -  
  05/28 University of Michigan Sentiment 07:00 May F 83.00 - 82.80 -
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