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Market Commentary


 

 
Today's Coupons
 
  10-Year Notes   98-06 (+19)  
 
  FN 2.5% Coupon   103-28.5 (+08)  
 
  Support   2.148%  
 
  Resistance   0.599%  
 
 
 
 
  Tuesday, June 9, 2020
 
 

Treasury Yields Decline as Stocks Halt a 6-day Winning Streak

 
 
Market opened today’s session with treasuries rallying across all maturities. 10-year Treasury yield is at 0.8204, 5.48 bps decreased from prior closing of 0.8752.

Stocks fell sharply on concerns that the recent rally might have overshot economic prospects. With almost 300 stocks in the S&P 500 trading at prices exceeding their consensus 12-month targets, the fastest stock market collapse on record has been followed by one of the fastest recoveries ever despite today’s loss in equities. Treasuries and gold climbed, and the dollar halted its longest losing run in almost a decade. Elsewhere, WTI crude edged lower, trading below $38 a barrel this morning. In the economic calendar, NFIB Small Business Optimism in May rose to 94.40 from 90.90 prior vs. 92.50 consensus. However, JOLTS job openings in April plummeted to the lowest level of 5.046 million since 2014. Separations, which include layoffs and quits, lowered to 9.89 million in April from a record high of 14.64 million in March. Lastly, Wholesale Inventories slightly edged lower to 0.30% from a prior reading of 0.40%. Tomorrow, investors will turn their focus to the Fed’s policy decision where maintaining the current rates is widely expected and the press conference with Fed Chair Powell.

The curve has bull-flattened with UST 10-Year yield down 5.48 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/08 No Data - - - - - -  
                   
  06/09 NFIB Small Business Optimism 03:00 May 92.50 94.40 90.90 -  
                   
  06/09 JOLTS Job Openings 07:00 Apr 5750 5046 6191 6011  
                   
  06/10 MBA Mortgage Applications 04:00 5 Jun - - -3.90% -  
                   
  06/10 CPI MoM 05:30 May 0.00% - -0.80% -  
                   
  06/10 CPI YoY 05:30 May 0.30% - 0.30% -  
                   
  06/10 CPI Index NSA 05:30 May 256.740 - 256.389 -  
                   
  06/10 CPI Core Index SA 05:30 May 265.601 - 265.601 -  
                   
  06/10 Real Avg Weekly Earnings YoY 05:30 May - - 6.90% 7.00%  
                   
  06/10 Monthly Budget Statement 11:00 May -$585.0b - -$207.8b -  
                   
  06/11 PPI Final Demand MoM 05:30 Apr 0.10% - -1.30% -  
                   
  06/11 PPI Final Demand YoY 05:30 Apr -1.20% - -1.20% -  
                   
  06/11 Initial Jobless Claims 05:30 6 Jun 1550k - 1877k -  
                   
  06/11 Continuing Claims 05:30 30 May 20000k - 21487k -  
                   
  06/11 Bloomberg Consumer Comfort 06:45 7 Jun - - 37.00 -  
                   
  06/12 Import Price Index MoM 05:30 May -0.30% - -0.50% -  
                   
  06/12 Import Price Index YoY 05:30 May -6.30% - -6.80% -  
                   
  06/12 Export Price Index MoM 05:30 May 0.70% - -3.30% -  
                   
  06/12 Export Price Index YoY 05:30 May - - -7.00% -  
                   
  06/12 U. of Mich. Sentiment 07:00 Jun P 75.00 - 72.30 -
                   
 
 
 
 
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