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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.355%  
  Support   1.626%  
  Resistance   1.478%  
  FN 2.5% Coupon   103.734 (+0.250)  
  Tuesday, July 6, 2021

US futures opened mixed after the Independence Day holiday, Oil Rises

The Market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.4136, 1.02 bps lower than prior closing of 1.4238.
U.S. futures showed a mixed reaction with S&P 500 stocks trading slightly lower as prices of crude oil jumped after a breakdown in OPEC+ talks and the market reopened after the Independence Day holiday. The futures on Nasdaq were higher and rose 0.2%. Oil prices were raised to the highest in more than six years by Saudi Arabia after a failed talk with the United Arab Emirates. The Oil conflict will lead to a price war which will affect the global economic recovery and add to the inflation pressure. Blackchains, the underlying technology behind cryptocurrencies, saw a trading of fake versions of stocks of Tesla Inc., Apple Inc., Inc. and other big stocks, as well as a few popular exchange-traded funds. U.S. Rents are rising at a rapid rate thereby impacting the finances of low income households. There might be further hikes of 7% to 10% in the coming yeast as per the survey by the New York Fed and Fannie Mae. Supermarkets are increasing the inventory of food commodities  due to anticipation of the highest price increase of recent times. Federal Open Market Committee (FOMC) meeting minutes are due on Wednesday. The yield on 10-Year Treasuries is at the lowest since March 2.
The curve has bull-flattened with UST 10-Year yield down 1.02 bps.
This Week's Events
  07/06 Markit US Services PMI 06:45 Jun F 64.80 64.60 64.80 -  
  07/06 Markit US Composite PMI 06:45 Jun F - 63.70 63.90 -  
  07/07 MBA Mortgage Applications 07:00 2 Jul - - -6.90% -  
  07/08 Initial Jobless Claims 05:30 3 Jul 350k - 364k -  
  07/08 Continuing Claims 05:30 26 Jun 3350k - 3469k -  
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