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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-10.5 (-04)  
  FN 2.5% Coupon   105-05 (-03.5)  
  Support   1.942%  
  Resistance   0.619%  
  Wednesday, September 9, 2020

Treasury Yields Rise as Tech Sector Rebounds

Market opened today’s session with Treasuries slightly lower across all maturities. 10-year Treasury yield is at 0.6853, 0.65 bp increased from prior closing of 0.6788.

US stocks opened higher this morning following a three day-rout, with tech shares leading the recovery. S&P 500 started off strong and the Nasdaq 100 jumped more than 2% after an 11% rout brought it back down to its 50 day average price. Tesla bounced back while computer chip and hardware makers rose, led by Advanced Micro Devices Inc. and Apple Inc. In Europe, shares climbed broadly while AstraZeneca Plc slipped on news it paused trials of a leading experimental Covid-19 vaccine when a participant got sick. The pound headed for its longest declining streak since March on worries that talks could collapse over changes to the Brexit withdrawal deal. Elsewhere, oil is slightly up with a $ 37-handle. Yields on New Zealand's three-year bonds dropped into negative territory for the first time. MBA Mortgage Applications rose 2.90% for the week ending September 4th after falling 2.00% the week prior. Purchases were up 2.60% after being down 0.20% the week prior, meanwhile Refi's increased 3.00% following a previous decline of 3.10%. The average 30-year fixed rate stood at 3.07%. Reporting later this week includes Initial Jobless Claims on Thursday and US CPI data on Friday, with the latter expected to showcase a rise in consumer prices for the month of August. Republicans showed a $300B stimulus package that was rejected by Democrats due to its slimmed-down nature.

The curve has bear-steepened with UST 10-Year yield up 0.65 bp.

This Week's Events
  09/08 NFIB Small Business Optimism 03:00 Aug 99.00 100.20 98.80 -  
  09/09 MBA Mortgage Applications 04:00 4 Sep - 2.90% -2.00% -  
  09/09 JOLTS Job Openings 07:00 Jul 6000 6618 5889 6001  
  09/10 PPI Final Demand MoM 05:30 Aug 0.20% - 0.60% -  
  09/10 PPI Final Demand YoY 05:30 Aug -0.30% - -0.40% -  
  09/10 Initial Jobless Claims 05:30 5 Sep 850k - 881k -  
  09/10 Continuing Claims 05:30 29 Aug 12904k - 13254k -  
  09/10 Bloomberg Consumer Comfort 06:45 6 Sep - - 45.10 -  
  09/11 CPI MoM 05:30 Aug 0.30% - 0.60% -  
  09/11 CPI YoY 05:30 Aug 1.20% - 1.00% -  
  09/11 CPI Index NSA 05:30 Aug 259.592 - 259.101 -  
  09/11 CPI Core Index SA 05:30 Aug 268.440 - 267.715 -  
  09/11 Monthly Budget Statement 11:00 Aug -$245.00B - -$200.30B -
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