US stocks of gotten off to a weak start after the much stronger-than-expected ADP sent yields higher. The 2-year yield is now up around 10 basis points and the 10-year yield is up around 9 basis points. If the Fed was worried about too strong employment which leads into inflation , the ADP report will not dissuade them from a more tightening bias.
A snapshot the market 6 minutes into the open shows:
- Dow Industrial Average -303.38 points or -0.88% at 33985.27
- S&P index -45.05 points or -1.01% at 4401.76
- NASDAQ index -172.23 points or -1.25% at 13619.42
The Russell 2000 index of a small cap stocks is down -24.47 points or -1.31%
Looking at the US yield curve:
- 2 year yield 5.039% +9.0 basis points
- 10 year yield 4.019% +7.6 basis points
Looking at other markets:
- Crude oil is now down $0.18 or -0.22% at $71.63
- Gold is down $2.14 or -0.11% at $1912.50
- Bitcoin is back below $31,000 at $30,549