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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.582%  
  Support   1.576%  
  Resistance   1.297%  
  FN 2.5% Coupon   102.672 (-0.031)  
     Monday, November 01, 2021

U.S. Stocks Fluctuate, Manufacturing Growth Eases


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5856, 3.35 bps higher than prior closing of 1.5521.

Equities fluctuated a bit after grabbing records as traders assessed corporate performance from post-lockdown demand and economic prospects as the Federal Reserve got ready to wind down stimulus. S&P 500 and Nasdaq 100 were little changed. Treasury yields advanced as investors awaited this week’s Federal Reserve meeting for clues on stimulus tapering. A ray of optimism came in for investors as surge in consumer demand was reported and the Fed expressed confidence in the continuing recovery from the pandemic. Oil got a boost from supply concerns. The ISM index, which has remained resilient despite continued supply chain disruptions and labor shortages, declined from 61.10 to 60.80. Index of factory production was little changed at 59.30 and October ISM Factory prices paid index rose to 85.70 from 81.20. Global markets were quite active last week amid corporate earnings, an influx of economic data, and as central banks started the process of moving away from emergency-era accommodation. European stocks rose to a record high as health-care shares rallied. The MSCI Asia Pacific Index added 0.50% while Japan’s Topix index surged 2.20% by the close following the weekend election results.

The curve has bear-steepened with the UST 10-Year yield up 3.35 bps.

This Week's Events
  11/01 Markit US Manufacturing PMI 06:45 Oct F 59.20 58.40 59.20 -  
  11/01 Construction Spending MoM 07:00 Sep 0.30% -0.50% 0.00% 0.01%  
  11/03 MBA Mortgage Applications 04:00 29-Oct - - 0.30% -  
  11/03 ADP Employment Change 05:15 Oct 400k - 568k -  
  11/04 Initial Jobless Claims 05:30 30-Oct 275k - 281k -  
  11/04 Continuing Claims 05:30 23-Oct 2147k - 2243k -  
  11/05 Change in Nonfarm Payrolls 05:30 Oct 450k - 194k -  
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