US stocks open a lower as flight to safety concerns weigh on equities

The major US indices are opening lower with each of the major three indices are down about -0.35% to -0.7% nine minutes into the US open.

The declines are led by the NASDAQ index.

Flight to safety flows on the back of the Silicon Valley Bank issues are leading to the declines. The good news is the Fed may keep their tightening to a minimum, as the calculus changes given financial institution concerns (despite the strong jobs report).

Time will tell.

Looking at the major indices a snapshot nine minutes into the opening is showing:

• Dow Industrial Average is down -116.74 points or -0.36% at 32138.13
• S&P index is down -19.65 points or -0.50% at 3898.68
• NASDAQ indexes down -79.73 points or -0.70% at 11258.63
• Russell 2000 is trading down -25.45 points or -1.39% at 1801

Technically, the NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is approaching its 100 day moving average at 11137.50. Yesterday the index fell and closed below its 200 day moving average at 11402.23 (green line in the chart below):

Looking at the broad S&P index, it fell below both its 100 and 200 day moving average is near 3942 yesterday (the moving averages were near converged). The pair is currently testing the swing low from January 19 at 3885.54. Below that and traders will start to target the closing level from 2022 at 3839.85.

Looking at the financial component of the S&P, it is now close to 5% lower than the closing level from 2022 (closed at 569.73).

Technically, the price fell below its 100 day moving average on Wednesday near 581.24. It fell and closed below its 200 day moving average yesterday at 564.20. The load today has reached 540.13. That is just above the 61.8% retracement of the move up from the October low to the February high at 539.40.

The big moves are in the debt market where yields are sharply lower:

• 2 year yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term is trading at 4.595% -28 basis points. Earlier this week the yield reached 5.085%
• 5 year yields are at 3.935% down -25.8 basis points
• 10 year yields are at 3.716%, down -19.3 basis points
• 30 year yield is at 3.716% -13.7 basis points

Th 2-10 year spread is down to -88 basis points. It traded as low as -108 point basis points earlier this week.