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Market Commentary



 
Today's Coupons
 
  10-Year Notes   1.359%  
 
  Support   1.518%  
 
  Resistance   1.279%  
 
  FN 2.5% Coupon   103.547 (-0.078)  
 
 
 
 
     Thursday, August 26, 2021
 
 

Stocks and Futures Continue to Decline, U.S. Initial Unemployment Claims Rises

 
 
The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.3525, 1.35 bps higher than prior closing of 1.3390.

U.S. futures and stocks in Europe declined further as investors are concerned about the outcome of a Federal Reserve Meeting. Futures on the Nasdaq 100 and S&P 500 declined slightly. The Stoxx Europe 600 Index was dragged lower by basic resources and travel shares. The U.S. economy expanded 6.60% annualized rate in the second quarter in which Consumer spending grew at 11.90%. Crude oil slipped below $68 a barrel on the concern that demand will be affected as the delta virus strain of the coronavirus impacts on the economic recovery. Bitcoin was trading around $47,000. Treasury yield increased and the dollar gained against major currencies. Applications for U.S. state unemployment rose for the first time in five weeks with Initial unemployment claims in regular state programs were 353,000 in the week ended August 21. Continuing claims for state benefits fell slightly to 2.86 million in the week ended August 14.

The curve has bear-steepened with the UST 10-Year yield up 1.35 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  08/23 Chicago Fed Nat Activity Index 05:30 Jul 0.12 0.53 0.09 -0.01  
                   
  08/23 Markit US Manufacturing PMI 06:45 Aug P 62.00 61.20 63.40 -  
                   
  08/23 Markit US Services PMI 06:45 Aug P 59.20 55.20 59.90 -  
                   
  08/24 Richmond Fed Manufact. Index 07:00 Aug  24.00 9.00 27.00 -  
                   
  08/24 New Home Sales 07:00 Jul 697k 708k 676k 701k  
                   
  08/25 MBA Mortgage Applications 05:00 20-Aug - 1.60% -3.90% -3.90%  
                   
  08/25 Durable Goods Orders 05:30 Jul P -0.30% -0.10% 0.90% 0.80%  
                   
  08/26 GDP Annualized QoQ 05:30 2Q S 6.70% 6.60% 6.50% -  
                   
  08/26 Initial Jobless Claims 05:30 21-Aug 350k 353k 348k 349k  
                   
  08/27 PCE Deflator YoY 05:30 Jul 4.10% - 4.00% -  
                   
  08/27 PCE Deflator MoM 05:30 Jul 0.40% - 0.50% -  
                   
 
 
 
 
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