The barbell of the major stock indices is back in play today with the Dow Industrial Average lower. The S&P near unchanged, and the NASDAQ index is marginally higher.
A snapshot of the market 8 minutes into the open and showing:
- Dow Industrial Average -88.30 points or -0.26% at 33332.48
- S&P index -2.78 points or -0.07% at 4156.00
- NASDAQ index +30.17 points or +0.24% at 12530.74
- the Russell 2000 of small-cap stocks which was the biggest gainer yesterday at 2.2% is trading down -5.888 points or -0.33% at 1768.61.
In the US at that market yields are higher after Feds Logan commented that data does not support not raising rates at the June meeting. Feds Jefferson was a bit more conciliatory saying that the impact from the hikes has still not been fully felt. Nevertheless, yields are higher:
- 2-year yield 4.228% +7.5 basis points
- 5-year yield 3.656% +6.4 basis points
- 10-year yield 3.624% +4.4 basis points
- 30-year yield 3.897% +2.0 basis points
A look around other markets shows:
- crude oil is back lower after a sharp rise yesterday despite the build of 5 million barrels in the weekly inventory report. Crude oil is down -$0.56 or -0.77% at $72.29
- Gold is trading down $22.77 or -1.13% at $1959.19. Higher yields and higher dollar are helping its decline
- Silver is down $0.28 or -1.19% at $23.46
- bitcoin is trading at $27,270. That's fairly steady from earlier levels
The USD is higher. The flow of funds is out of the AUD.
- The EURUSD crack below its 100 day moving average and 50% retracement of the move up from the recent March low at 1.0805. Staying below that level keeps the sellers and control. The current price is trading at 1.0783.
- The USDJPY is also breaking to the upside extending above a swing area between 137.499 and 138.139. The price also moved above the 2023 high prices between 137.91 and 137.76. Stay above those levels keeps the buyers more in control.
Forex: The USD is the strongest of the major currencies