The major US indices are opening higher with modest gains across the board. US rates are lower ahead of flash PMI data coming out soon, followed by consumer confidence and a new home sales at 10 AM. Consumer confidence expected at -14.3 versus -15.1. New home sales are expected at 0.705M up from 0.697M last month.
A snapshot of the market currently shows:
- Dow industrial average up 47.66 points or 0.14% at 34336.50
- S&P index up 15.34 points or 0.35% at 4402.88
- NASDAQ index up 63.94 points or 0.47% at 13569.81
Looking at the US debt market, yields are lower. Concerns about global growth are weighing on global interest rates:
- 2-year yield 4.973%, -6.4 basis points
- 5-year yield 4.394%, -8.4 basis points
- 10-year yield 4.241%, -8.7 basis points
- 30-year yield 4.333%, -7.6 basis points
The S&P Global flash estimates for August will be released shortly. The expectations for the manufacturing index is 49.3 versus 49.0 last month. The expectations for services is 52.2 versus 52.4 last month.
European flash PMI data that were all below the 50.0 level and modestly weaker than expectations.
