Market Roundup: 30YY Tops 3.15%, Whippy Post-Data Trade Continues

Tsy/Eurodollar futures have bounced off post-May jobs data lows that saw 30YY tap high of 3.1545%, yield curves running mixed now, near middle of range w/ 2s10s +1.365 at 28.563 (25.435L/30.273H).

• June 10Y futures trading around 118-20 (-7.5) traded through first support/June 1 low of 118-16.5 earlier with focus on second support of 118-01.5 Low May 18 and a key short-term support. Key support and the bear trigger is 116-21, May 9 low.
• Overall volumes rather muted as markets settle in following better than expected headline jobs gain of +390k in May vs. +310k est.
  
• Limited react to S&P Global composite PMI revised 0.2pts lower in the final release, 53.6 in May. Short end eased after ISM Services index slightly softer than expected, falling from 57.1 to 55.9 (cons 56.5), still Seeing Covid-19 Impact.
• Stocks reversed gains after the open: SPX eminis trading weaker and extending lows after flurry of dip buying after cash open, SPX emini June futures ESM2 currently -65.0 at 4110.25).
• Aside from data, market reacted negatively to reports of Elon Musk email to Tesla execs: "pause all hiring worldwide" late Thu. Reuters reported Musk would like to cut 10% of Tesla's workforce due to a "super bad feeling" about the economy. Meanwhile, May car sales <13M annualized: "recessionary level" according to RBC analysts.