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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.555%  
  Support   1.464%  
  Resistance   1.262%  
  FN 2.5% Coupon   102.922 (-0.094)  
     Thursday, October 07, 2021

Equities Surge, Oil Prices Plunge

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5381, 1.75 bps higher than prior closing of 1.5206.

The news of an agreement in the senate that would increase the debt ceiling until the end of the year helped reverse an early sell off in equities on Wednesday. The contracts on the S&P 500 rose by 1% while those on the NASDAQ 100 rose by 1.10%. The Stoxx Europe 600 rose 1.30% after the assurances from Russia's offer to ease the energy crunch in europe. The  initial unemployment claims totaled 326,000 after a decrease of 38,000 from the prior week while continuing claims for state benefits fell to 2.70 million. The treasury yields declined. The employment figures of yesterday beat the analyst expectations and will lead to higher payroll numbers. The oil prices dropped to $76 a barrel after the Russian intervention, while bitcoin is currently priced at the $54,000 mark. 

The curve has bear-steepened with the UST 10-Year yield up 1.75 bps.

This Week's Events
  10/04 Durable Goods Orders 07:00 Aug F 1.80% 1.80% 1.80% -  
  10/04 Durables Ex Transportation 07:00 Aug F 0.20% 0.30% 0.20% -  
  10/05 Markit US Services PMI 06:45 Sep F 54.40 54.90 54.40 -  
  10/05 Markit US Composite PMI 06:45 Sep F - 55.00 54.5 -  
  10/06 MBA Mortgage Applications 04:00 01-Oct - -6.90% -1.10% -  
  10/06 ADP Employment Change 05:15 Sep 430k 568k 374k 340k  
  10/07 Initial Jobless Claims 05:30 02-Oct 348k 326k 362k 364k  
  10/07 Continuing Claims 05:30 25-Sep 2766k 2714k 2802k 2811k  
  10/08 Change in Nonfarm Payrolls 05:30 Sep 500k - 235k -  
  10/08 Wholesale Inventories MoM 07:00 Aug F 1.20% - 1.20% -  
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