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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.623%  
  Support   1.688%  
  Resistance   1.570%  
  FN 2.5% Coupon   103.42 (-0.14)  
  Thursday, June 3, 2021

US Stocks Pare Back Losses on Biden Corporate Tax Report; AMC Plummets After Stock Sale

The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.6181, 3.06 bps higher than prior closing of 1.5875.
US stocks pared back losses as President Biden announced that he may be open to lower corporate tax rates, causing investors to rethink some of their market moves. Consequently, the S&P 500 Index saw a 0.1% loss and the tech-heavy Nasdaq 100 Index fell by 0.6%. AMC’s wild rally came to a halt, after the company announced their intent in raising millions and selling more shares, bolstering a cinema chain that was looking at potential bankruptcy only a few months ago. This came after AMC sold 8.5 million shares to Mudrick Capital for $230.5 million. Those shares were then flipped and sold for a profit as the investment firm announced that AMC’s stock was overvalued. The company is now warning investors that they could lose their entire investments. With equities locked in a tight range for the past month, investors are now watching out for signs on whether or not the Fed might taper its asset purchases. While Fed officials continue to insist that stimulus will remain, inflation is still a possibility with global food prices surging to the highest in almost a decade. Coming up on Friday, US payroll data will be released. 
The curve has bear-steepened with UST 10-Year yield up 3.06 bps.
This Week's Events
  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 - -4.00% -4.20% -  
  06/03 ADP Employment Change 05:15 May 650k 978k 742k 654k  
  06/03 Initial Jobless Claims 05:30 29 May 387k 385k 406k 405k  
  06/03 Continuing Claims 05:30 22 May 3614k 3771k 3642k 3602k  
  06/03 Markit US Services PMI 06:45 May F 70.10 70.40 70.10 -  
  06/03 Markit US Composite PMI 06:45 May F - 68.70 68.10 -  
  06/04 Change in Nonfarm Payrolls 05:30 May 664k - 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 -0.30% - 1.10% -
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