The major US stock indices are trading higher in early US trading.

S&P
S&P index is back above its 200 day moving average

The S&P index closed below its 200-day moving average for the 2nd day in a row yesterday. That moving average is currently at 4236.94. The price is back above that moving average today. It will remain a key barometer for buyers and sellers. A snapshot of the market 8 minutes into the open is showing:

  • Dow industrial average up at 263.59 points or 0.80% at 33200.01
  • S&P index up 30.53 points or 0.72% at 4247.56
  • NASDAQ index up 92.64 points or 0.71% at 13110.97

After the close, 2 of the Magnificent 7 will be reporting earnings with Microsoft and Alphabet scheduled. Microsoft shares are trading up $2.25 or 0.68% at $331.39. Alphabet is trading up to dollars or 1.47% at $138.54.

US yields are modestly higher with a flatter yield curve.

  • 2 year yield 5.090% +3.1 basis points
  • 5 year yield 4.820% +2.7 basis points
  • 10 year yield 4.856% +1.9 basis points
  • 30 year yield 4.995% +0.7 basis points

The yield spreads are flattening again:

  • 2 – 10 year spread reached a high of -11.4 basis points yesterday. It is back negative at -23.6 basis points currently.
  • 2 – 30 year spread turned positive yesterday at 4.8 basis points yesterday. It is back negative by -9.2 basis points currently.

Crude oil is trading down $-0.61 at $84.90. That takes a price close to the August 10 high price near $84.85. A move below that level with momentum would give sellers more confidence. There is additional support between $82.35 and $83.32.