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Market Commentary


 
Today's Coupons
 
  10-Year Notes   1.545%  
 
  Support   1.579%  
 
  Resistance   1.304%  
 
  FN 2.5% Coupon   102.875 (+0.109)  
 
 
 
 
     Tuesday, November 02, 2021
 
 

U.S. Stocks Mixed, FOMC Meeting Begins

 
 

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.5611, 0.54 bps higher than prior closing of 1.5557.

U.S. equity were mixed amid a mixed bag of earnings and valuations, deepening supply crunch and rising covid worries. Futures on the S&P 500 were little changed and Nasdaq 100 fell 0.20%. Yields on the two-year and five-year treasuries fell as traders pared back some global rate-hike bets. The Federal Reserve’s Open Market’s Committee began their two-day meeting. Bond and currency markets are bracing for the Fed to announce a scaling back of asset purchases as an initial step to eventually raising interest rates to contain inflation. Construction spending fell 0.50% unexpectedly in September and there was a net downward revision to the prior two months. Oil slid 0.90% to $83.31 a barrel as traders awaited a Thursday meeting of the OPEC+ grouping on output plans. Gold futures fell 0.30% to $1,790.70 an ounce. Iron-ore futures extended losses below $100 a ton on expectations of lower Chinese steel output. Europe’s Stoxx 600 gauge slipped 0.10% from a record high as miners and travel companies posted some of the biggest losses. MSCI Asia Pacific Index slipped 0.10% while Japan’s Topix index closed 0.60% lower.

The curve has bear-steepened with the UST 10-Year yield up 0.54 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  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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