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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.235%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.797 (+0.047)  
     Friday, August 20, 2021

Stocks Fall Further, Dollar and Gold Gains

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.2266, 1.67 bps lower than prior closing of 1.2433.

U.S. Futures fell as the investors are concerned about the growth due to China’s regulatory curbs, spread of virus and supply chain bottlenecks. Europe’s Stoxx 600 Index and S&P 500 futures declined too. The fast spreading delta variant of coronavirus may delay Return to office timeline of many companies. The speculation regarding the loss of economic momentum is rising with surging virus cases. Market may remain volatile as the U.S. options are expiring today. Crude oil declined whereas Bitcoins were trading around $47,000. Treasury yields fell further and gold increased.

The curve has bull-flattened with the UST 10-Year yield down 1.67 bps.

This Week's Events
  08/16 Empire Manufacturing 05:30 Aug 28.50 18.30 43.00 -  
  08/17 Business Inventories 07:00 Jun 0.80% 0.80% 0.50% 0.60%  
  08/18 MBA Mortgage Applications 04:00 13-Aug - 3.90% 2.80% -  
  08/18 Building Permits MoM 05:30 Jul 1.00% 2.60% -3.90% -5.30%  
  08/18 Building Permits 05:30 Jul 1610k 1635k 1598k 1594k  
  08/19 Initial Jobless Claims 05:30 14-Aug 364k 348k 375k 377k  
  08/19 Continuing Claims 05:30 7-Aug 2800k 2820k 2866k 2899k  
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