US Treasuries
- Treasuries yields climbed on higher oil prices (after Trump rejected Iran’s latest proposal); inflation concerns; weak demand for the UST 3y auction and a heavy corporate new-issue slate
- 12 borrowers are marketing a combined total of $18.1 billion of US investment-grade bonds led by Verizon Communications’ $4 billion hybrid offering
- 10s closed on Monday at 4.41 [Monday’s range in 10s: 4.375/4.41]
- 2s closed on Monday at 3.945 [Monday’s range in 2s: 3.905/3.945]
- 2y – 5y: + 12 bps
- 2y – 10y: + 46 bps
Intraday News Moving Markets
- On Deck tomorrow: CPI (Tuesday, 5/12)
- On Deck this week: Treasury auctions: $42 bn UST 10y (Tuesday, 5/12) and $25 bn UST 30y (Wednesday, 5/13)
- Bloomberg: Trump Floats Temporary US Gas Tax Halt as Pump Prices Soar
Commodities
- Gold rose to $4,726 an ounce [87% of its recent high of $5,417 an ounce on 1/28/26]
- Silver rose to $85.84 an ounce [74% of its recent high of $116.70 an an ounce on 1/28/26]
Intraday Commentary From Jim Bianco
- White (right scale), 10-year yield
- Blue (left scale), June WTI Crude Oil Futures
What is the difference?
I’ll ask the same thing … what is the difference?
In the News
Upcoming Economic Releases & Fed Speak
- 5/12/2026 at 03:15am EST: Fed’s Williams Speaks on Monetary Policy
- 5/12/2026 at 06:00am EST: NFIB Small Business Optimism
- 5/12/2026 at 08:15am EST: ADP Weekly Employment Change
- 5/12/2026 at 08:30am EST: CPI MoM and YoY / Core CPI MoM and YoY / CPI Index NSA and Core CPI Index SA
- 5/12/2026 at 08:30am EST: Real Avg Hourly Earnings YoY and Real Avg Weekly Earnings YoY
- 5/12/2026 at 11:00am EST: NY Fed Quarterly Report on Household Debt and Credit
- 5/12/2026 at 01:00pm EST: Fed’s Goolsbee Speaks at Greater Rockford Chamber of Commerce
- 5/12/2026 at 02:00pm EST: Federal Budget Balance
- 5/13/2026 at 07:00am EST: MBA Mortgage Applications
- 5/13/2026 at 07:00am EST: PPI Final Demand MoM and YoY
- 5/13/2026 at 07:00am EST: PPI Ex Food and Energy MoM and YoY
- 5/13/2026 at 07:00am EST: PPI Ex Food, Energy, Trade MoM and YoY
- 5/13/2026 at 11:30am EST: Fed’s Collins Speaks on US Economy
- 5/13/2026 at 01:15pm EST: Fed’s Kashkari in Moderated Discussion
- 5/14/2026 at 08:30am EST: Import Price Index MoM and YoY / Import Price Index ex Petroleum
- 5/14/2026 at 08:30am EST: Export Price Index MoM and YoY
- 5/14/2026 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg / Continuing Claims
- 5/14/2026 at 08:30am EST: Retail Sales Advance MoM / Retail Sales Ex Auto MoM
- 5/14/2026 at 08:30am EST: Retail Sales Ex Auto and Gas / Retail Sales Control Group
- 5/14/2026 at 10:00am EST: Business Inventories
- 5/14/2026 at 10:15am EST: Fed’s Schmid Speaks on Payments Innovation and Community Banking
- 5/14/2026 at 01:00pm EST: Fed’s Hammack Gives Opening Remarks
- 5/14/2026 at 05:30pm EST: Fed’s Barr Speaks at Money Marketeers
- 5/14/2026 at 05:45pm EST: Fed’s Williams in Moderated Discussion
- 5/15/2026 at 09:15am EST: Industrial Production MoM / Manufacturing (SIC) Production / Capacity Utilization
- 5/18/2026 at 08:30am EST: New York Fed Services Business Activity
- 5/18/2026 at 10:00am EST: NAHB Housing Market Index
- 5/18/2026 at 04:00pm EST: Total Net TIC Flows / Net Long-term TIC Flows
Upcoming Earnings Releases for Tuesday, May 12, 2026
Noteworthy Before-the-Open Earnings Releases
|
Company |
Symbol |
Earnings estimate |
|
Aramark |
ARMK |
$0.47 per share |
|
Arvinas |
ARVN |
-0.92 |
|
AstraZeneca |
AZN |
2.49 |
|
BETA Technologies |
BETA |
-0.62 |
|
Brightstar Lottery |
BRSL |
0.20 |
|
Camtek |
CAMT |
0.68 |
|
Cardinal Infrastructure Group Inc. |
CDNL |
0.17 |
|
D-Wave Quantum |
QBTS |
-0.08 |
|
Ducommun |
DCO |
0.68 |
|
eToro Group Ltd |
ETOR |
0.69 |
|
First Majestic Silver |
AG |
0.31 |
|
Janus International Group |
JBI |
0.09 |
|
Millicom International Cellular |
TIGO |
1.36 |
|
On |
ONON |
0.27 |
|
Qnity Electronics |
Q |
0.92 |
|
Ralliant Corporation |
RAL |
0.49 |
|
SFL Corporation |
SFL |
0.01 |
|
Tencent Music |
TME |
1.37 |
|
Under Armour |
UAA |
-0.02 |
|
Venture Global |
VG |
0.13 |
|
Vestis |
VSTS |
0.08 |
|
Zebra Tech |
ZBRA |
4.25 |
Noteworthy After-the-Close Earnings Releases
|
Company |
Symbol |
Earnings estimate |
|
Andersen Group |
ANDG |
$0.44 per share |
|
Astronics |
ATRO |
0.56 |
|
B&G Foods |
BGS |
0.05 |
|
Franco-Nevada |
FNV |
2.12 |
|
JBS SA |
JBS |
0.20 |
|
Karman Space and Defense |
KRMN |
0.12 |
|
Nextpower |
NXT |
0.92 |
|
Oklo Inc. |
OKLO |
-0.19 |
|
Resideo |
REZI |
0.60 |