Nasdaq leads the way
US stocks are opening with modest gains, with the tech heavy Nasdaq leading the way.
- The Dow is trading up 10 points or 0.04%
- The S&P is up 3.7 points ro 0.13%
- The Nasdaq is leading the pack with a gain of 26 points or 0.35%
All are off higher levels.
Apple is leading the move after the tech giant beat analysts expectations. Although unit sales were less than expectations, the average selling price of $724 was higher than expectations of $694. This is indicative of stronger acceptance of the higher priced iPhone X.
Apple is trading at $198.20 up 4.16% on the day. The price is within striking distance of making Apple the first company ever with a market capitalization of $1B.
Financials are higher on the back of higher rates.
- JP Morgan is up 1.12%
- Citigroup is up 1.31%
- Wells Fargo is up 1.29%
- Bank of America is up 1.76%
The Treasury announced that they would be increasing auctions (yet again) and selling for the first time 2 month bills. Higher deficits and promoting a trade war with those that buy your debt, can backfire and lead to higher rates.
- 2 year 2.76%, +0.8 basis points
- 5 year 2.88%, +3.2 basis points
- 10 year 3.01%, +4.8 basis points
- 30 year 3.14%, +5.6 basis points
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