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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.472%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   102.984 (-0.172)  
  Monday, June 21, 2021

US Stocks Bounce Back as Cryptocurrencies Fall

The Market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.4751, 3.70 bps higher than prior closing of 1.4381.
US stocks have bounced back as traders continue to carefully look at Federal Reserve officials during their massive bond-buying program. The S&P 500 Index halted a four-day slide with a 0.5% climb as companies outperformed tech shares on Monday. Amazon kicked Monday off with its annual Prime Day sale, with merchants curbing discounts amid rising shipping costs. Torchlight Energy Resources led gains in meme stocks as the company has been labeled as a potential short squeeze on Reddit. Several policy makers are speaking this week in order to provide more clarity in the rise in interest rates in 2022. Elsewhere, Bitcoin has fallen to a two-week low as cryptocurrency crackdowns intensify in China. Coming up this week, on Tuesday the Bank of England releases interest rate decisions. Also on Tuesday, Fed Chair Jerome Powell will testify at a House Subcommittee hearing regarding the Fed’s pandemic emergency lending and asset purchase programs.
The curve has bear-steepened with UST 10-Year yield up 3.70 bps.
This Week's Events
  06/21 Chicago Fed Nat Activity Index 05:30 May 0.70 0.29 0.24 -0.09  
  06/22 Richmond Fed Manufact. Index 07:00 Jun 18.00 - 18.00 -  
  06/23 MBA Mortgage Applications  04:00 18 Jun - - -4.20% -  
  06/23 Markit US Manufacturing PMI 06:45 Jun P 61.50 - 62.10 -  
  06/23 Markit US Composite PMI 06:45 Jun P - - 68.70 -  
  06/23 Markit US Services PMI 06:45 Jun P 70.00 - 70.40 -  
  06/24 Durable Goods Orders 05:30 May P 2.80% - -1.30% -  
  06/24 Initial Jobless Claims 05:30 19 Jun 380k - 412k -  
  06/24 Continuing Claims 05:30 12 Jun 3460k - 3518k -  
  06/24 GDP Price Index 05:30 1Q T 4.30% - 4.30% -  
  06/25 PCE Deflator MoM 05:30 May 0.50% - 0.60% -  
  06/25 PCE Deflator YoY 05:30 May 3.90% - 3.60% -  
  06/25 U. of Mich. Sentiment 07:00 Jun F 86.50 - 86.40 -  
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