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Market Roundup: Inside Range, Paring Early Risk-On Ahead Wknd

US TSYS
Tsys trading mildly higher for the most part, curves mildly flatter/off lows (2s10s at 22.286 vs. 20.163 low) with short end underperforming in the minutes after Equity open. FI markets broke through narrow range after the open, bonds leading but have trimmed gains on moderate two-way trade.
  • No data to speak of, focus on headline risk with buying/short cover support possibly tied to China/covid headlines (CHINA PORT CITY TIANJIN STARTS MASS TEST IN FIVE DISTRICTS, Bbg).
  • Overall trade volumes have started to improve (TYM2>620k; FVM2 >400k) as Jun/Sep futures rolling picks up (10s> 60k, 5s>110k).
  • SPX trading firmer but off highs after the open (ESM2 +28.25 at 3926.0) actually making modest gains vs. last Fri's close around 3925.0, despite Wed-Thu sharp sell-off (techs and retailers recovered late Thu).
  • No more earnings today after Foot Locker revenue beat (FL +5.78% at 32.05). Next week: Best Buy (BBY) reports early Tuesday, Toll Bros (TOL) after the close Tue along w/ Intuit (INTU) and Nordstrom (JWN).
  • Scheduled/unscheduled Fed-speak: StL Fed Bullard appears for FOX Business interview at 1300ET.
  • US 10Y technicals with TYM2 currently trading 119-22.5 (unch): Treasuries traded higher Thursday and above 120-00+, May 12 high. The contact however failed to hold on to the session high. The trend direction is down and gains are still considered corrective.
    • Any resumption of strength however would open 120-18+, the Apr 27 high. This level represents an important short-term resistance where a break would signal scope for a stronger retracement. Key support and bear trigger is 117-08+, May 9 low.
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