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Market Commentary



 

 
Today's Coupons
 
  10-Year Notes   1.637%  
 
  Support   1.449%  
 
  Resistance   0.798%  
 
  FN 2.5% Coupon   103.42 (+0.03)  
 
 
 
 
  Monday, May 17, 2021
 
 

Stocks drop as Treasuries remain steady

 
 
The market opened today's session with treasuries slightly lower across all maturities. The 10-Year Treasury yield is currently at 1.6352, 0.68 bp higher than the prior closing of 1.6284.

US equities slipped as investors consider risks on the outlook including inflation and Covid-19 cases spiking in parts of the world. Stocks declined in the Nasdaq 100 and the Dow Jones after gaining on Friday, and the Stoxx Europe 600 fell as well. The dollar remained steady while gold rose to its highest level in over three months. Bitcoin steadied as Tesla Inc. hasn’t sold its holding in the token. In the Economic Calendar, Empire Manufacturing came in at 24.30, higher than the expected 23.9. The minutes for the Federal Open Market Committee’s latest meeting will be released on Wednesday. Investors will revise the minutes as there are concerns that policymakers will need to slow down support due to rising inflation.

The curve has bear-steepened with UST 10-Year yield up 0.68 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/17 Empire Manufacturing 05:30 May 23.90 24.30 26.30 -  
                   
  05/18 Building Permits 05:30 Apr 1770k - 1766k 1759k  
                   
  05/18 Building Permits MoM 05:30 Apr -0.60% - 2.70% 2.30%  
                   
  05/18 Housing Starts 05:30 Apr 1705k - 1739k -  
                   
  05/18 Housing Starts MoM 05:30 Apr -2.00% - 19.40% -  
                   
  05/19 MBA Mortgage Applications 04:00 14 May - - 2.10% -  
                   
  05/20 Initial Jobless Claims 05:30 15 May 450k - 473k -  
                   
  05/20 Continuing Claims 05:30 8 May 3630k - 3655k -  
                   
  05/20 Leading Index 07:00 Apr 1.30% - 1.30% -  
                   
  05/21 Markit US Manufacturing PMI 06:45 May P 60.20 - 60.50 -  
                   
  05/21 Markit US Services PMI 06:45 May P 64.50 - 64.70 -  
                   
  05/21 Markit US Composite PMI 06:45 May P - - 63.50 -
                   
 
 
 
 
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