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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.481%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   103.250 (-0.062)  
     Monday, November 08, 2021

U.S Stocks Steady, Oil Price Rise


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.4810, 2.97 bps higher than prior closing of 1.4513.

U.S. Stocks and the dollar were steady, futures edged up as investors kept watch on how price pressures impact monetary policy and the pace of economic recovery. S&P 500 Futures rose 0.10% and Nasdaq 100 were little changed. US Treasuries rallied following their global counterparts. Markets will closely watch a measure of U.S. consumer prices on Wednesday after gains in U.S. payrolls last week also showed a jump in average hourly earnings. The White House passed the biggest U.S. infrastructure package in decades, markets have yet to show a convincing response to it. The nation lifted entry restrictions for more than 30 countries, allowing fully vaccinated travelers to fly in. Oil is ticking higher again this morning, with a barrel trading above $82 a barrel as traders weighed the odds of a release of crude from the U.S. Strategic Petroleum Reserve after OPEC+ resisted to boost supplies to the U.S. more quickly. The crypto industry hit over $3 trillion in value, the biggest junk bond exchange-traded fund is booming after getting the most cash since March, as major stock indexes are sitting near records. Gold futures rose 0.10% to $1,819 an ounce. In Europe, the price of natural gas surged again on signs the promised boost in supplies from Russia will not materialize. The Stoxx 600 Index was down 0.10%. MSCI Asia Pacific Index was unchanged while Japan’s Topix index closed 0.30% lower.

The curve has bear-steepened with the UST 10-Year yield up 2.97 bps.

This Week's Events
  11/09 NFIB Small Business Optimism 03:00 Oct - - 99.10 -  
  11/09 PPI Final Demand MoM 05:30 Oct 0.60% - 0.50% -  
  11/10 MBA Mortgage Applications 04:00 5-Nov - - - -  
  11/10 Initial Jobless Claims 05:30 6-Nov - - - -  
  11/10 Continuing Claims 05:30 30-Oct - - - -  
  11/12 JOLTS Job Openings 07:00 Sep - - 10439k -  
  11/12 U. of Mich. Sentiment 07:00 Nov P 72.00 - 71.70 -  
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