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Daily Market Color

Rates Bounce Back Modestly to End Volatile Week

Rates and equities end the week on a high note After a volatile week, Treasury yields and swap rates held near March lows, ending the day 1-3 bps higher across the curve – the 10-year UST closed 3 bps higher at 1.45%.  Major equity indices closed at record highs – the S&P 500, DJIA, and
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Equity Rout Extends Beyond Tech

Equities decline on continued inflation concerns Inflation fears once again drove the market action, the rout in equities going beyond tech stocks as 10 of the 11 S&P sectors declined and the DJIA closed down 1.36% (the DJIA’s largest drop since February). Commodities continue to rally led by copper and iron, and crude oil rose
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Yield Curve Steepens as Tech Drags Down Equities

Tech falls on inflation concerns Although the DJIA breached 35,000 for the first time, tech shares ultimately led all three major indices lower on the day with the Nasdaq decreasing 2.6% on inflation fears. Flaming inflation concerns were commodities prices — copper reaching an all-time high, iron ore increasing more than 10% during trading, and
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Treasury Yields Whipsaw Following April Jobs Report

Disappointing payroll gains sparks rates rally Following the April jobs report, Treasury yields and swap rates immediately fell ~10 bps to three-month lows but later erased much of the decline – the 10-year Treasury yield fell as low as 1.48% before closing the week near 1.57%.  Major US equity indices closed at record highs after
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Equities Rise to Record Highs After Jobless Claims Hit a Pandemic Low

DJIA closes at a record high for the second day in a row Spurring the risk-on sentiment, earlier today the Labor Department reported jobless claims dipped below the 500,000 threshold for the first time since the pandemic began.  US equity indices celebrated the improvement – the S&P 500, DJIA, and Nasdaq rose 0.8%, 0.9%, and
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Rates Fall as Markets Weigh Price Pressures

Rates turn lower despite rising inflation expectations Treasury yields/swap rates closed 1-3 bps lower across the curve – the 10-year UST yield near 1.56% (-3bps). The rally came despite the 5-year breakeven rate, which is a gauge of the market’s inflation expectations, rising to the highest level since 2008.  While newly released economic data continues
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Rates Steady Following Yellen’s Comments

Yellen inflation remark and clarification whip rates around Treasury Secretary Janet Yellen kicked off a spell of volatility when she said in an interview that the Fed would need to raise rates to “make sure our economy doesn’t overheat.” Swap rates climbed on the news and ultimately reversed a portion of the rally following Yellen’s later
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Unexpected Decline in Manufacturing Growth Pulls Rates Lower

Rates turn lower following unexpected ISM manufacturing index decline Treasury yields and swap rates turned lower after economic data showed manufacturing growth declined in April – the 10-year Treasury yield closing ~3 bps lower at 1.59%.  Major US equity indices closed higher on the day – the S&P 500 and DJIA rising a modest 0.3%
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Equities Search for New Catalyst

Equities end week in the red US stocks fell from all-time highs to end the month of April with all three major indices closing down on the day; the tech-heavy Nasdaq led the decline (-0.85%). Although equities ended the day in the red, April saw the broadest rally on record during the month, with approximately
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Equities and Yields Rise on Positive Economic Data

S&P closes on a record high as yields increase The reflation trade was in full force on the day as continued impressive corporate earnings and strong economic data fueled both equities and yields. The annualized 1Q GDP print of 6.4% and jobless claims hitting a pandemic low of 553,000 led all three major equity indices
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