The NASDAQ and S&P closed higher for the 2nd consecutive day. Admittedly the S&P index only rose marginally (0.02%) yesterday, but it still was a victory in the win column. Today, the gain was a little more respectable at 0.59%.
The final numbers for the major indices are showing:
- Dow industrial average +116.07 points or 0.35% at 33666.35
- S&P index up 25.17 points or 0.59% at 4299.69
- NASDAQ index of 108.42 points or 0.83% at 13201.27
Although higher, the broader indices are still on pace for their worst month in 2023 (since December)
- Dow industrial average is down -3.04%. Its worst month since May
- S&P index is down -4.61%. Its worst month since December
- NASDAQ index is down -5.94%. Also its worst month since December.
Yields in the US are closing near their lows which help to support prices:
- 2 year yield 5.060%, -8.1 basis points
- 5 year yield 4.624%, -8.1 basis points
- 10 year yield 4.578% -4.7 basis points
- 30 year yield 4.706% -2.7 basis points
The 2 – 10 year spread is trading at -48.5 basis points. The yield curve is still 50 basis points negative, but in 2023 it was as low as -109 basis points.
In the Forex market, the AUD is the strongest while the USD is the weakest.
Nike earnings after the close came in mixed.
- Revenues $12.94 billion versus $12.98 billion, a little light on revenues but not by much
- Earnings-per-share came in much better than expected at $0.94 vs. $0.75 est.
Nike shares are currently up about 1.87% in after hours trading. Shares for the company is down -23.4% this year.
