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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-06 (+04)  
 
  FN 3.5% Coupon   101-00 (+02)  
 
  Support   3.237%  
 
  Resistance   2.342%  
 
 
 
 
Tuesday, April 02, 2019
 
 
Treasury Yields Lower as Stocks Drifted
 
 
Market opened today’s session with treasuries inching higher across all maturities. 10-Year treasury yield is at 2.4884, 1.25 bps decreased from prior closing of 2.5009.

US stock futures drifted after a strong performance during Monday’s session. In corporate news, Walgreens shares tumbled after the company reported quarterly earnings and revenue which missed expectations, and lowered its 2019 forecast. Treasuries rose this morning and the pound weakened after members of Parliament failed again yesterday to reach a consensus on Brexit. With only 10 days remaining, UK Prime Minister May will hold five hours of crisis talks with her cabinet today where ministers will reportedly weigh postponing the date for leaving the EU to allow more time to resolve the stalemate in Parliament. The US and China are set to resume their talks when Chinese Vice Preimer Liu He lands in Washington later this week. Elsewhere, WTI crude continued to display demands as it traded slightly below $62 a barrel this morning.

The headline Durable Goods Orders in February fell 1.60% from downwardly revised prior of 0.10% increase vs. 1.80% decline consensus. The core, however, came in line with estimate of 0.10% increase vs. -0.10% upwardly revised prior. Lastly, Capital Goods Orders missed its expectation of 0.10% as it fell to -0.10% from 0.90% revised prior. On Friday, the highly anticipated Nonfarm Payrolls data for March will be released.

The curve has bull-steepened with UST 10-Year yield down 1.25 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/01 Retail Sales Advance MoM 05:30 Feb 0.20% -0.20% 0.20% 0.70%  
                   
  04/01 Markit US Manufacturing PMI 06:45 Mar F 52.50 52.40 52.50 -  
                   
  04/01 Construction Spending MoM 07:00 Feb -0.20% 1.00% 1.30% 2.50%  
                   
  04/01 Business Inventories 07:00 Jan 0.50% 0.80% 0.60% 0.80%  
                   
  04/02 Durable Goods Orders 05:30 Feb P -1.80% -1.60% 0.30% 0.10%  
                   
  04/02 Durables Ex Transportation 05:30 Feb P 0.10% 0.10% -0.20% -0.10%  
                   
  04/03 MBA Mortgage Applications 04:00 29 Mar - - 8.90% -  
                   
  04/03 ADP Employment Change 05:15 Mar 175k - 183k -  
                   
  04/03 Markit US Services PMI 06:45 Mar F 54.80 - 54.80 -  
                   
  04/03 Markit US Composite PMI 06:45 Mar F - - 54.30 -  
                   
  04/04 Challenger Job Cuts YoY 04:30 Mar - - 117.20% -  
                   
  04/04 Initial Jobless Claims 05:30 30 Mar 215k - 211k -  
                   
  04/04 Continuing Claims 05:30 23 Mar 1752k - 1756k -  
                   
  04/04 Bloomberg Consumer Comfort 06:45 31 Mar - - 60.00 -  
                   
  04/05 Change in Nonfarm Payrolls 05:30 Mar 179k - 20k -  
                   
  04/05 Unemployment Rate 05:30 Mar 3.80% - 3.80% -  
                   
  04/05 Average Hourly Earnings MoM 05:30 Mar 0.30% - 0.40% -  
                   
  04/05 Average Hourly Earnings YoY 05:30 Mar 3.40% - 3.40% -  
                   
  04/05 Labor Force Participation Rate 05:30 Mar - - 63.20% -  
                   
 
 
 
 
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