Major US stock indices open with the declines after stronger retail sales

The major US stock indices are opening with declines as strong retail sales keeps the Fed on track for more tightening.

The good news is the economy remain strong which is good for future growth/earnings. The bad is that growth may be inflationary which could lead to a much tighter Fed, which could sap strength from the economy, and ultimately lead to a recession.

The continued tumble in the spread between two and 10 year yields to -91 basis points at its low today, is indicative of concerns about a hard landing down the road. However, in the short term there is no recession in the site. Extraordinary times.

They snapped out of the stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term 14 minutes into the U.S. open is showing:

• Dow Industrial Average minus 138.95.4 or -0.41% at 33950.33
• S&P index -15.87 points or -0.38% at 4120.27
• 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 -26.59 points or -0.22% at 11933.56
• Russell 2000-12.01 points or -0.62% at 1927.89

Looking at the US debt market:

• two year yield 4.607%, -1.5 basis points
• five year yield 4.001%, -0.2 basis points
• 10 year yield 3.762% +0.2 basis points
• 30 year yield 3.799%, unchanged

The USD is the strongest of the major currencies. The AUD is the weakest. Ironically, the cumulative gains of the USD and the cumulative declines of the AUDUSD perfectly mirror each other at 6.16%.