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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   96-13.5 (-08.5)  
  FN 2.5% Coupon   104-25.5 (+02.5)  
  Support   0.780%  
  Resistance   0.611%  
  Monday, December 7, 2020

Treasury Yields Fall as Airbnb Increases IPO Expectations

Market opened today's session with treasuries higher across all maturities. 10-year Treasury yield is at 0.9377, 2.82 bps decreased from prior closing of 0.9659.

US Stocks opened mixed this morning as the S&P 500 retreated from all time highs. Notable early movers include Intel Corp. which saw shares fall following news Apple Inc. is working on a new Mac processor which could be ready for use as early as 2021. Meanwhile, Boeing Co. saw shares increase early morning following a buy recommendation by UBS Group AG. And on IPO news, Airbnb Inc. boosted its expected price range, now anticipating as much as $42 billion from its public offering. In Europe, trade talks were in jeopardy ahead of a meeting between Prime Minister Boris Johnson and European Commission president Ursula von der Leyen. Elsewhere, the US FDA will meet on Thursday to decide on approval for Pfizer & BioNTech's vaccine. WTI Crude fell by 0.50% while Gold remained at $1,839.01 an ounce. Reporting later this week on Wednesday are MBA Mortgage Applications and Initial Jobless Claims on Thursday, with the latter expected at 725K.

The curve has bull-flattened with UST 10-Year yield down 02.82 bps.

This Week's Events
  12/07 Consumer Credit 12:00 Oct 15.500b - 16.214b -  
  12/08 NFIB Small Business Optimism 03:00 Nov 102.50 - 104.00    
  12/09 MBA Mortgage Applications 04:00 4 Dec - - -0.60% -  
  12/09 JOLTS Job Openings 07:00 Oct 6300 - 6436 -  
  12/10 CPI MoM 05:30 Nov 0.10% - 0.00% -  
  12/10 CPI YoY 05:30 Nov 1.10% - 1.20% -  
  12/10 CPI Index NSA 05:30 Nov 260.087 - 260.388 -  
  12/10 CPI Core Index SA 05:30 Nov 269.601 - 269.296 -  
  12/10 Initial Jobless Claims 05:30 5 Dec 725k - 712k -  
  12/10 Continuing Claims 05:30 28 Nov 5210k - 5520k -  
  12/10 Bloomberg Consumer Comfort 06:45 6 Dec - - 49.30 -  
  12/11 PPI Final Demand MoM 05:30 Nov 0.10% - 0.30% -  
  12/11 PPI Final Demand YoY 05:30 Nov 0.70% - 0.50% -  
  12/11 U. of Mich. Sentiment 07:00 Dec P 76.00 - 76.90 -
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