Nasdaq down the most.
The US stock market is open and the major indices are lower. More of the US/China trade is being unwound as traders cautiously monitor the developments. The US has been chirping the most.
China did orchestrate a higher fixing today for its currency (in fact it was the biggest change since 2017). One common complaint is that China artificially lowers its currency to make US goods more expensive and exports more affordable abroad. The fixing is a concession to that thinking at least, but do they open up the market with other measures? i.e. if you can't export into China, what good is it.
Anyway, a snap shot is showing:
- S&P index -5.4 points or -0.17% at 2784.86
- NASDAQ index -21 points or -0.28% at 7420
- Dow industrial average -74 points or -0.28% at 25754
Yields in the US continue to flatten the yield curve. The 2-10 spread is dipping below 13 bps. The 2-5 year spread is negative.
- gold is higher up $10 or 0.18% at $1240.63
- WTI crude oil futures are near unchanged levels $53
The USD has rallied a bit since the NY opening. The CAD is now the weakest currency. The JPY remains the strongest currency.
