The major stock indices are mixed/little changed in early US trading:

  • Dow Industrial Average is down -7.0 points are -0.02% at 33419
  • S&P index is up 4.29 points or 0.11% at 4196.94
  • NASDAQ index is up 20 points or 0.17% at 12679
  • Russell 2000 is up 6.55 points or 0.37% at 1780.27

Shares of Micron are trading down $2.46 or -3.61% after China put some restrictions on sales of their chips within their country due to security concerns.

Looking at some other major stocks:

  • Nvidia is trading down $4.67 or -1.5% at $307.95
  • Alphabet shares are up $2.07 or 1.69% at $124.85
  • Microsoft is trading at $1.59 or 0.50% at $319.93
  • Apple - large exposure to China - is trading down $1 -0.59% $174.14
  • Adobe knowledge had a big move last week is trading up $0.88 or 0.24% to $372.13
  • KRE regional bank ETF is trading at $0.23 or 0.61% of $39.44

In the US at that market, yields are modestly higher after trading lower at the start of the New York session. Fed's Bullard (nonvoting member) started the week with some hawkish comments:

  • 2 year yield 4.304% +1.6 basis points
  • 5 year yield 3.76% +1.4 basis points
  • 10 year yield 3.701% +0.9 basis points
  • 30 year yield 3.944% +0.3 basis points

A summary a Bullard's comments:

He anticipates slow economic growth extending into 2024, but dismisses arguments suggesting a looming recession. Bullard noted that the September median prediction of a 5.11% Federal funds target rate, based on expected slow growth and inflation improvements, has not materialized. He suggested the need for a further rate hike of about 50 basis points this year from the current 5.25% to combat inflation while the labor market remains strong. Despite companies scrambling for workers and job growth trending above average, core measures of inflation have remained relatively stable in recent months. However, Bullard warned that if inflation isn't effectively controlled, more aggressive action will be necessary, suggesting the Fed should err on the side of overcompensating. He also highlighted the significant issue of the US decoupling from China and does not foresee changes to the quantitative tightening policy in the near future.