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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.482%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.125 (+0.141)  
  Tuesday, June 22, 2021

US Stocks Struggle as Traders Await Fed Powell; Bitcoin Slumps

The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is currently at 1.4937, 0.51 bp higher than prior closing of 1.4886.
US stocks struggled to find direction on Tuesday as traders await testimony from Fed Reserve Chair Jerome Powell. Traders are hoping to gain insight on the central bank's plan to continue its monetary policy on an emergency footing. Most of the major groups in the S&P 500 fell with a 0.1% drop. Financial, industrial and energy shares led the retreat. Both the tech-heavy Nasdaq 100 and Europe’s Stoxx 600 were little changed. GameStop surged after raising $1.1 Billion in share sales. Elsewhere, Bitcoin declines due to China’s crackdown on crypto and Elon Musk’s negative press about energy use. Bitcoin is now under $30,000 for the first time since January, losing more than 50% from its April high of $64,000. Coming up this week, US new home sales and current account balances come out on Wednesday, in addition to the EIA crude oil inventory report. On Thursday, the Bank of England releases interest rate decisions and the Fed releases the results of stress tests on the largest US banks.
The curve has bear-steepened with UST 10-Year yield up 0.51 bp.
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 22.00 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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