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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   1.615%  
 
  Support   1.679%  
 
  Resistance   1.542%  
 
  FN 2.5% Coupon   103.51 (-0.01)  
 
 
 
 
  Tuesday, June 1, 2021
 
 

Stocks Nearly Reach Record Highs On Positive Economic Readings

 
 
The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.6369, 4.26 bps higher than prior closing of 1.5943.
US stocks climbed toward a new record, starting the new month on a high note, after data showing positive economic readings spurred optimism in the recovery from the pandemic. The S&P 500 Index rose 0.7%, continuing to extend its May advance. Similarly, the Nasdaq 100 Index rose 0.5%, more than any closing gain since May 24. AMC saw gains after reporting a $230.5 million gain in equity as a part of a deal with Mudrick Capital Management. Zoom’s user turnover will be the focus of earnings when the company reports after the close of trading. Pandemic recovery is helping to push prices for raw materials higher, as a bullish forecast from the OPEC+ alliance sent WTI crude futures to their highest in more than two years. Elsewhere, treasuries slipped, the dollar was steady and Bitcoin was little changed as cryptocurrencies were relatively calm. Oil rallied as the Dow Jones Industrial Average rose 0.9% to a new record high. On Tuesday, the OPEC+ meets to review oil production levels. On Wednesday the Fed presidents from Philadelphia, Chicago, Atlanta, and Dallas are scheduled to speak. The US employment report comes out on Friday.
The curve has bear-steepened with UST 10-Year yield up 4.26 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/01 Markit US Manufacturing PMI 06:45 May F 61.50 62.10 61.50 -  
                   
  06/01 Construction Spending MoM 07:00 Apr 0.50% 0.20% 0.20% 1.00%  
                   
  06/01 ISM Prices Paid 07:00 May 89.50 88.00 89.60 -  
                   
  06/02 MBA Mortgage Applications 04:00 28 May - - -4.20% -  
                   
  06/03 ADP Employment Change 05:15 May 650k - 742k -  
                   
  06/03 Initial Jobless Claims 05:30 29 May 388k - 406k -  
                   
  06/03 Continuing Claims 05:30 22 May 3618k - 3642k -  
                   
  06/03 Markit US Services PMI 06:45 May F 70.10 - 70.10 -  
                   
  06/03 Markit US Composite PMI 06:45 May F - - 68.10 -  
                   
  06/04 Change in Nonfarm Payrolls 05:30 May 650k - 266k -  
                   
  06/04 Average Hourly Earnings MoM 05:30 May 0.20% - 0.70% -  
                   
  06/04 Average Hourly Earnings YoY 05:30 May 1.60% - 0.30% -  
                   
  06/04 Durable Goods Orders 07:00 Apr F -1.30% - -1.30% -  
                   
  06/04 Durables Ex Transportation 07:00 Apr F 1.00% - 1.00% -  
                   
  06/04 Factory Orders 07:00 Apr -0.20% - 1.10% -
                   
 
 
 
 
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