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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   95-25 (00)  
 
  FN 2.5% Coupon   103-12 (00)  
 
  Support   1.269%  
 
  Resistance   0.798%  
 
 
 
 
  Monday, April 19, 2021
 
 

US Stocks Drop From Record Highs

 
 
The market opened today's session with treasuries lower across all maturities. The 10-Year Treasury yield is at 1.6064, 2.66 bps higher than prior closing of 1.5798.
US stocks dropped from all-time highs as investors gathered a fresh round of corporate earnings. The S&P 500 Index snapped a two day rally after dropping 0.2%. Cryptocurrency-linked stocks dropped, following a weekend dip for Bitcoin. Tesla Inc. also dropped as one of its electric self-driving cars crashed and killed two passengers. Peloton Interactive Inc. sank on a US safety agency warning about the company’s treadmill risks. Harley-Davidson Inc. and Coca-Cola Co. rose as sales beat prior estimates. GameStop Corp. climbed after announcing that their Chief Executive Officer, George Sherman, will step down before the end of July. Despite concerns regarding Covid-19, robust economic data helped push stocks to another record last week. As bond yields pull back from recent highs, the risk of increasing borrowing costs has subsided. Traders will now look into further confirmations of pandemic recovery for the private sector as this season’s earnings continue gathering pace. Coming up on Tuesday, Apple will have their first product unveiling of the year. Additionally, the EIA crude oil inventory report comes out on Wednesday.
The curve has bear-steepened with the UST 10-Year yield up 2.66 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/21 MBA Mortgage Applications 04:00 16 Apr - - -3.70% -  
                   
  04/22 Initial Jobless Claims 05:30 17 Apr 625k - 576k -  
                   
  04/22 Continuing Claims 05:30 10 Apr 3640k - 3731k -  
                   
  04/22 Leading Index 07:00 Mar 1.00% - 0.20% -  
                   
  04/23 Markit US Composite PMI 06:45 Apr P - - 59.70 -  
                   
  04/23 Markit US Services PMI 06:45 Apr P 61.80 - 60.40 -  
                   
  04/23 Markit US Manufacturing PMI 06:45 Apr P 61.00 - 59.10 -
                   
 
 
 
 
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