The major US stock indices have turned negative. The Dow industrial average is now down -0.19%. The S&P is down -0.1%. The NASDAQ is trading above and below unchanged.
The US jobs data remains strong without came in little weaker than expectations. Nevertheless, it still pays way for a 50 basis point hike at the Fed's next meeting and perhaps other meetings after that.
Construction spending was weaker as was the ISM data but still remains above the 50 level with concerns about inflation.
The 2– 10 year spread remains below the 0.0 level (inverted). That has traders concerned about a recession. This week, the spread moved from 20 basis points on Friday to just below 0 basis points today. For the year, two – 10 year spread as moved from a high of about 90 basis points..
Looking at the NASDAQ on the hourly chart below, the move to the downside today brings the price to a swing area between 14211 and 14220. A move below that level would open the door for further downside momentum.
![NASDAQ](https://images.forexlive.com/images/NASDAQ_id_fe7c510a-12e6-43d0-a7b6-2f5d40360f41_size900.jpg)