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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.534%  
  Support   1.668%  
  Resistance   1.505%  
  FN 2.5% Coupon   103.187 (-0.047)  
  Friday, June 25, 2021

Stocks Continue Their Advance After Personal Spending is Released

The market opened today's session with treasuries fluctuating. The 10-Year Treasury yield is currently at 1.4901, 0.18 bp lower than prior closing of 1.4919.
Stocks climbed after data showing unexpected lack of activity in personal spending overshadowed concerns of higher inflation. The S&P 500 Index extended 0.20%, and is now on track for its best week since April, while the Nasdaq 100 Index headed toward its sixth straight weekly advance with a 0.60% increase. Virgin Galactic Holdings Inc. skyrocketed after getting regulatory approval to fly customers into space. Nike also climbed as reported earnings beat expectations, while FedEx sank after a disappointing outlook. Despite the Federal Reserve’s recent pivot, economic data has been positive, equities have rallied and markets have been calm. Purchases of goods and services were unchanged in May, while the personal consumption expenditures price gauge, which the Fed officially uses for its inflation target, rose 0.40%.
The curve has bull-steepened with UST 10-Year yield down 0.18 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 - 2.10% -4.20% -  
  06/23 Markit US Manufacturing PMI 06:45 Jun P 61.50 62.60 62.10 -  
  06/23 Markit US Composite PMI 06:45 Jun P - 63.90 68.70 -  
  06/23 Markit US Services PMI 06:45 Jun P 70.00 64.80 70.40 -  
  06/24 Durable Goods Orders 05:30 May P 2.80% 2.30% -1.30% -0.80%  
  06/24 Initial Jobless Claims 05:30 19 Jun 380k 411k 412k 418k  
  06/24 Continuing Claims 05:30 12 Jun 3460k 3390k 3518k 3534k  
  06/24 GDP Price Index 05:30 1Q T 4.30% 4.30% 4.30% -  
  06/25 PCE Deflator MoM 05:30 May 0.50% 0.40% 0.60% -  
  06/25 PCE Deflator YoY 05:30 May 3.90% 3.90% 3.60% -  
  06/25 U. of Mich. Sentiment 07:00 Jun F 86.50 85.50 86.40 -  
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