It is a month end today and US stocks have enjoyed a banner month. The S&P and NASDAQ index remain on track for the best month since July 2022. Incredibly the S&P has not experienced back-to-back losses this month. Yesterday the index fell marginally. Having said that the market has given up most of the pre-market gains in the broader indices.
A snapshot of the markets 9 minutes into the open is showing:
- Dow industrial average is up 193.85 points or 0.55% at 35624.28
- S&P index is down -1.04 points or -0.02% at 4549.53
- NASDAQ index is down -18.65 points or -0.13% at 14239.84
The small-cap Russell 2000 is trading up 3.75 points or 0.21% at 1807.52.
Salesforce is helping to support the Dow industrial average as it reported better-than-expected earnings yesterday. It shares are up $21.20 or 9.1% at $251.60.
It is month end, and the major indices are higher:
- Dow industrial average is up 7.8% currently which is the largest gain since October 2022
- S&P index is up 8.43% which is its largest gain since July 2022.
- NASDAQ index is up 10.70% which is its largest gain since July 2022
Looking at the US debt market:
- 2 year yield 4.703%, +5.3 basis points
- 5 year yield 4.294% +7.5 basis points
- 10 year yield 4.341% +7.1 basis points
- 30 year yield 4.499% +4.9 basis points
For the month, yields are sharply lower:
- 2-year yield -39 basis points
- 5-year yield -55.4 basis points
- 10-year yield -58.5 basis points
- 30-year yield -59.2 basis points
OPEC+ is said to be in agreement for another 1M barrel per day cut in addition to the 1M barrel per day cut from the Saudi's.
