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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.457%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.62 (-0.01)  
  Friday, June 11, 2021

US Stocks Extend Gains Amid Growing Optimism; Treasuries Hold Weekly Gains

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4670, 3.52 bps higher than prior closing of 1.4318.

US stocks extended gains and benchmark bond yields held around the lowest since March as data showed that US consumer price increases in May were largely driven by categories associated with economic reopenings, bolstering the view that inflation pressures may ease later in the year. The S&P 500 Index gained 0.1%, extending its run to record highs. Treasury yields inched slightly higher, with the 10-year rate still holding below 1.5%. Vertex Pharmaceuticals tumbled after halting the development of a therapy for a rare genetic disorder. European stocks rallied, with the Stoxx 600 Index rising 0.6%, heading for a fourth weekly increase. Elsewhere, crude oil prices rose amid an improving demand outlook. Bitcoin extended its rebound to a third day, trading above $37,000. Later Friday, investors will be keeping an eye on the opening of the Group of Seven leaders’ summit in the U.K. 

The curve has bear-steepened with the UST 10-Year yield up 3.52 bps.

This Week's Events
  06/08 NFIB Small Business Optimism 03:00 May 101.00 99.60 99.80 -  
  06/09 MBA Mortgage Applications 04:00 4 Jun - -3.10% -4.00% -  
  06/10 CPI MoM 05:30 May 0.50% 0.60% 0.80% -  
  06/10 CPI YoY 05:30 May 4.70% 5.00% 4.20% -  
  06/10 CPI Index NSA 05:30 May 268.681 269.195 267.054 -  
  06/10 CPI Core Index SA 05:30 May 275.058 275.718 273.700 -  
  06/10 Initial Jobless Claims 05:30 5 Jun 370k 376k 385k -  
  06/10 Continuing Claims 05:30 29 May 3665k 3499k 3771k 3757k  
  06/11 U. of Mich. Sentiment 07:00 Jun P 84.20 86.40 82.90 -
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