After sharp games yesterday, the major US stock indices are opening mixed.
A snapshot the market currently shows:
- Dow industrial average is down -78.79 points or -0.24% at 32850.18
- S&P index is up 1.15 points or 0.03% at 4167.98
- NASDAQ index is down -17.22 points or -0.13% at 12772.26
Looking at US yields, the yields are mixed with the shorter and higher in the longer and lower:
- 2 year yield 5.074% +3.6 basis points
- 5 year yield 4.816% +1.2 basis points
- 10 year yield 4.868% -0.8 basis points
- 30 year yield 5.016% -1.7 basis points
In other markets:
- Crude oil is up $0.12 at $82.40
- Gold is near unchanged at $1995.70
- Silver is $-0.28 at $23
- Bitcoin is trading down marginally 34,003 and $57
Looking ahead, the Conference Board consumer confidence for October will be released at 10 AM with expectations of 100.0 versus 103.0 last month (down from 108.7 in August).
The Present Situation Index, which reflects consumers' assessment of current business and labor market conditions, saw a slight increase, rising to 147.1 from 146.7.
However, the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, declined to 73.7 in September, down from 83.3 in August. This drop brought expectations below the 80-level historically associated with signaling a recession within the next year.
The decline in the Expectations Index and the increase in consumer fears of an impending recession suggest concerns about the economic outlook, aligning with the anticipation of a short and shallow economic contraction in the first half of 2024.
