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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.560%  
  Support   1.688%  
  Resistance   1.570%  
  FN 2.5% Coupon   103.66 (+0.28)  
  Friday, June 4, 2021

Stocks Rise and Dollar Falls After May's US Jobs Report

The market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.5721, 5.29 bps lower than prior closing of 1.6250.
U.S. stocks climbed and the dollar fell after an uptick in hiring last month bolstered confidence in the economy, while a strong rise in hourly wages added to inflation concerns. Technology stocks helped the Nasdaq 100 have its best one-day advance in almost two weeks as it rose 1.2%. The S&P 500 rose 0.6% while the Dow Jones Industrial Average rose 0.2%. Bitcoin fell after a cryptic tweet from Elon Musk hinted at a potential split between him and cryptocurrency. The May Jobs report showed that employers added 559,000 jobs last month which cause 10-Year U.S. Treasury yields to fall 1.6%. Investors are assessing what the strong Jobs report and Friday’s data will mean for the economy and how it will weigh on the Federal Reserve’s monetary policy. In Europe, the Stoxx 600 rose 0.2%. 
The curve has bull-flattened with UST 10-Year yield down 5.29 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 675k 559k 266k 278k  
  06/04 Average Hourly Earnings MoM 05:30 May 0.20% 0.50% 0.70% -  
  06/04 Average Hourly Earnings YoY 05:30 May 1.60% 2.00% 0.30% 0.40%  
  06/04 Durable Goods Orders 07:00 Apr F -1.30% -1.30% -1.30% -  
  06/04 Durables Ex Transportation 07:00 Apr F 1.00% 1.00% 1.00% -  
  06/04 Factory Orders 07:00 Apr -0.20% -0.60% 1.10% 1.40%
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