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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.560%  
  Support   1.508%  
  Resistance   1.276%  
  FN 2.5% Coupon   102.781 (-0.094)  
     Friday, October 15, 2021

U.S  Market Rebound amid Positive Releases, Oil Surges Further


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5580, 4.73 bps higher than prior closing of 1.5107.

The equity investors continue to focus on the positive news from the street, as the earnings reports from various banks continue to post better than expected earnings. The futures on the S&P 500 rise by 0.4% while those on the NASDAQ 100 rise by 0.20%. The Stoxx Europe 600 Index advanced by 0.50%. It's been a stellar quarter for the big banks. The SEC looks poised to soon allow the first U.S. Bitcoin futures exchange-traded fund to begin trading. This news helped push bitcoin to $60,000. Oil rose past $85 a barrel for the first time since 2018, the latest milestone in a global energy crunch that has seen prices soar. This month's New York Fed Empire Index Fell to 19.80 which failed to meet the expectations of analysts. The U.S. retail sales unexpectedly increased last month by 0.70%. The world’s most crucial metals continued on a surge in some cases hitting prices not seen since the mid 2000s as the energy shortages forced more production cuts, piling pressure on manufacturers and fueling concerns about inflation.

The curve has bear-steepened with the UST 10-Year yield up 4.73 bps.

This Week's Events
  10/12 NFIB Small Business Optimism 03:00 Sep 99.50 99.10 100.10 -  
  10/12 JOLTS Job Openings 07:00 Aug 10954k 10439k 10934k 11098k  
  10/13 MBA Mortgage Applications 04:00 08-Oct - 0.20% -6.90% -  
  10/13 CPI MoM 05:30 Sep 0.30% 0.40% 0.30% -  
  10/14 Initial Jobless Claims 05:30 09-Oct 320k 293k 326k 329k  
  10/14 Continuing Claims 05:30 02-Oct 2670k 2593k 2714k 2727k  
  10/15 Import Price Index YoY 05:30 Sep 9.40% 9.20% 9.00% 8.90%  
  10/15 U. of Mich. Sentiment 07:00 Oct P 73.10 71.40 72.80 -  
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