Major indices all lower led by the NASDAQ
The US stocks have quickly dipped into the red led by a run lower in the NASDAQ index.
US yields are moving higher with the 30 year trading above 2%. The yield curve is getting steeper as well with the 2– 10 year spread up to 110.1 basis points from 106 basis points on Friday. The run up in rates as hurt the NASDAQ the most.
A snapshot of the market currently shows
- Dow industrial average near unchanged at 36102
- S&P index -6 points at 4676.72
- NASDAQ index down -57 points at 15803.
The NASDAQ index opened above its 50 hour moving average at 15860.37, but has since moved below that moving average level. It tilts the intraday bias little more to the downside. Last week, the price of the NASDAQ index tests its 100 hour moving average (it actually fell below it for a brief moment), but bounced near the level.
