After declining modestly yesterday, the major US indices are looking to open higher. The premarket futures are higher on the day. The futures are currently implying:
- Dow Industrial Average up 73 points after yesterday's 10.88 point rise
- S&P index is expected to open up 15.75 points after yesterday's -15.36 point decline
- NASDAQ index up 70 points after yesterday's -79.5 point decline
Apple shares which started the year with a sharp fall yesterday that took the capitalization just below 2 trillion (it reached a 3 trillion intraday level in early 2022 before backing off) is trading higher by about $1.25 at $126.30 in premarket trading.
Tesla shares which also fell sharply yesterday, or higher in premarket training today. They closed yesterday at $108.10 and our training at $109.10 in premarket trading.
US yields are lower with the 10 year now down 12 basis points. That is helping the "risk on" bias a bit.
Looking at the four hour chart of the 10 year yield, the yield has moved down to test the 100 and 200 hour moving averages which are around 3.66%. The low yield today has reached 3.666%. Moving below that level would tilt the bus more to the downside.
At 10 AM, the ISM manufacturing PMI will be release with expectations at 48.5 versus 49.0 last month. Prices paid is expected at 42.6 versus 43.0 last month. Employment is expected at 48.3 versus 48.4 last month. New orders came in at 47.2 last month.
Also at 10 AM the JOLTS job openings are expected at 10.00M vs 10.334M last month. Lower job openings are a reflection of weakening job market but the number still remains near high levels.