Major US indices are opening lower as concerned about the central-bank hawkish policy and slower growth weigh on equity prices. The declines are led by the NASDAQ index which is on pace to snap its 8-week streak of higher closes. The S&P streak of 5 weeks higher is also likely over, as is the Dow's 3-week run.
A snapshot of the market currently shows:
- Dow Industrial Average is trading down -260 points or -0.78% at 33687.80
- S&P index is trading down -34.13 points or -0.78% at 4348.10
- NASDAQ index down -120 points or -0.88% at 13509
The small-cap Russell 2000 is also sharply lower. It is currently down -22.75 points or -1.24% at 1825.27
In the US debt market, yields are sharply lower, but not helping the overall tone in the equity markets:
- 2-year yield 4.704% -9.5 basis points
- 5-year yield 3.935% -10.8 basis points
- 10-year yield 3.696% -10.3 basis points
- 30-year yield 3.788% -8.5 basis points
A look around other markets shows:
- Crude oil is sharply lower. Trades down $2.05 or -2.96% at $67.48
- Gold is sharply higher up $22 or 1.14% at $1935.19 as it reacts to lower yields
- Silver is up $0.28 or 1.25% at $22.50
- Bitcoin is trading at $30,125
The NASDAQ index is moving back toward its rising 100 hour moving average at 13440.19. A move below that moving average would be the first since May 4.
For the trading week, each of the major indices are on track for their worst week since March 6:
- Dow Industrial Average is down -1.78%
- S&P index is down -1.40%
- NASDAQ index is also down -1.40%.
