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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.600%  
  Support   1.474%  
  Resistance   1.266%  
  FN 2.5% Coupon   102.797 (-0.062)  
     Friday, October 08, 2021

U.S. Futures Fluctuate as Job Data Delivered Less Than Expected

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5750, 0.21 bps higher than the prior closing of 1.5729.

U.S. stock futures erased gains and Treasuries fluctuated after September hiring data came in substantially weaker than expected. The nation added fewer jobs than forecast for a second month in September, signaling weakness in the labor market recovery. Contracts on the S&P 500 were little changed and the Nasdaq 100 rose 0.20%. European stocks were lower as losses in tech and utility firms outweighed a gain in carmakers. A ray of optimism came in as the U.S Senate shared that a deal had been reached for a short-term debt limit extension to avoid the risk of government default. Oil extended a rebound and reached $78.82 a barrel. Gold futures rose 0.80% to $1,773.30 an ounce.The U.S Bureau of Economic Analysis (BEA) issued the State personal consumption expenditures (PCE) data today that decreased 2.60 percent in 2020 after increasing 3.70 percent in 2019. Global fears of a shortage of natural gas were tamped down as Russia stated to help supply to Europe. 

The curve has bear-steepened with the UST 10-Year yield up 0.21 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 194k 235k 366k  
  10/08 Wholesale Inventories MoM 07:00 Aug F 1.20% 1.20% 1.20% -  
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