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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.286%  
  Support   1.596%  
  Resistance   1.382%  
  FN 2.5% Coupon   103.906 (+0.156)  
  Thursday, July 8, 2021

US futures declines, Bond Rallies

The Market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.2862, 3.01 bps lower than prior closing of 1.3163.
U.S. futures declined today as the investors are concerned about the growth expectations due to the spread of Covid-19 variants. The S&P 500 and Nasdaq 100 contracts declined more than 1.5%. U.S. 30-year Treasury yields fell below 1.90%. Oil declined today as investors are  awaiting the production plans from OPEC+ alliance. European stocks declined more than 2% as the miners dragged the stocks down. Bond rallied as market slumped and central banks signal continued support. Applications for U.S. state unemployment insurance increased by 2,000 to 373,000 in the week ended July 3. Many states are ending the unemployment benefit programs as they are hampering hiring efforts. Pennsylvania and New York reported the largest increases in initial claims last week, while claims in Oklahoma and Maryland fell.
The curve has bull-flattened with the UST 10-Year yield down 3.01 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 04:00 2 Jul - -1.80% -6.90% -  
  07/08 Initial Jobless Claims 05:30 3 Jul 350k 373k 364k 371k  
  07/08 Continuing Claims 05:30 26 Jun 3350k 3339k 3469k 3484k  
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