Weaker start for the US stock indices after stronger than expected jobs data

The sentiment in the US stock market was soured after better-than-expected ADP jobs data and stronger initial jobless/continuing claims, has traders nervous about the BLS employment report tomorrow. The expectations are for 200K nonfarm payroll jobs vs 263K last month with the unemployment rate steady at 3.7%.

The comments from Fed officials has also been disheartening to traders looking for a quicker turnaround in rates in 2023. Feds George (she is retiring) said that she does not see rates moving down until "well into 2024".

The data and comments have led to a lower opening in the US stock markets. A snapshot seven minutes into the opening is a showing:

• Dow Industrial Average down to 287.96.0 or -0.87% at 32981.82
• S&P index -31.94 points or -0.83% at 3821.04
• NASDAQ index -107.6 points or -1.03% at 10351.16
• Russell 2000-17.91 points or -1.01% at 1754.6299

In the US the debt market, yields are sharply higher:

• two year 4.478% +12.3 basis points
• five year 3.953% +10.9 basis points
• 10 year 3.765% +7.9 basis points
• 30 year 3.854% +5.3 basis points

A look around other markets shows:

• spot gold is down $-18.41 or -0.99% at $1835.60 on the back of the higher dollar/higher rates
• spot silver is down $0.44 or -1.83% at $23.30
• WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term has reversed earlier gains and is trading lower on the day. The price is currently at $72.78 that is down around -$0.06 on the day.
• Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is a trading fairly steady at $16,783

Looking at the dollar index (DXY) on the hourly chart below, the price is looking to break above recent up-and-down price action going back to December 13 (see yellow area in the chart below). The high of that area comes in at 104.93. The price is trading just above that level. Get and stay above that level with momentum will be more bullish. There is room to roam.