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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   100-03.5 (+03)  
  FN 2.5% Coupon   104-15.5 (+02)  
  Support   2.081%  
  Resistance   0.571%  
  Monday, July 20, 2020

Treasury Yields Lower as Investors Await Earnings Reports

Market opened today's session with treasuries slightly edging higher across all maturities. 10-Year Treasury yield is at 0.6036, 2.30 bps decreased from prior closing of 0.6266.

US stocks fluctuated this morning as investors awaited earnings results as well as the fiscal stimulus packages. Talks between European leaders to secure a stimulus package which began Friday and continued through the weekend are due to resume today. While talks on the European stimulus deal are close to wrapping up, in Washington, meetings begin today for another fiscal package to counter the economic effects of the pandemic. Earnings season also continues this week with Microsoft, Intel, Tesla, and Twitter being among the companies that are set to post results. On the pandemic front, Los Angeles Mayor Garcetti warned that the city is on the brink of another quarantine order as cases accelerate. Florida had its fifth consecutive day of more than 10,000 cases, while the number of new infections in Texas dropped. We also had some positive news on vaccine development; AstraZeneca released promising results from early vaccine studies and Synairgen Plc developed a treatment that saw the probability of a patient requiring ventilation or dying dropping by 79%. There is no economic event scheduled today.

The curve has bull-flattened with UST 10-Year yield down 2.30 bps .
This Week's Events
  07/20 No Data - - - - - -  
  07/21 Chicago Fed Nat Activity Index 05:30 Jun 4.00 - 2.61 -  
  07/22 MBA Mortgage Applications 04:00 17 Jul - - 5.10% -  
  07/22 FHFA House Price Index MoM 06:00 May 0.30% - 0.20% -  
  07/22 Existing Home Sales 07:00 Jun 4.75m - 3.91m -  
  07/22 Existing Home Sales MoM 07:00 Jun 21.50% - -9.70% -  
  07/23 Initial Jobless Claims 05:30 18 Jul 1288k - 1300k -  
  07/23 Continuing Claims 05:30 11 Jul 17000k - 17338k -  
  07/23 Bloomberg Consumer Comfort 06:45 19 Jul - - 44.30 -  
  07/23 Leading Index 07:00 Jun 2.10% - 2.80% -  
  07/24 Markit US Services PMI 06:45 Jul P 51.00 - 47.90 -  
  07/24 Markit US Composite PMI 06:45 Jul P - - 47.90 -
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