The major US stock indices are opening with gains as markets digest central-bank rate hikes. The NASDAQ index leads the way once again. The last two trading days have seen a rise of 1.67% on Tuesday and 2.0% yesterday. At the open, the NASDAQ index is up another 1.98% %.
The gains are being helped by Meta which is up $28.90 or 18.86%. After the close today, Apple, Amazon and Alphabet (the 3 A's) will all release their earnings (along with others).
A snapshot of the market currently shows:
- Dow Industrial Average is trading above and below unchanged at 34058
- S&P index is up 37 points or 0.89% at 4155.23. Key support at 4100.
- NASDAQ index is up 235 points or 1.98% at 12051
- Russell 2000 is up 17.95 points or 0.92% at 1978.81
The NASDAQ index moved away from its 200 day moving average yesterday. That level currently comes in at 11478. That 200 day moving average will continue to be a key barometer for buyers and sellers. Stay above is more bullish. On the top side, the 38.2% retracement of the move down from the November 2021 high comes in at 12427.97. That is the next key target on the top side.
European shares are also higher as the markets digest the ECB and BOE rate hikes:
- German DAX, +1.8%
- France's CAC card +1.17%
- UK's FTSE 100, +0.9%
- Spain's Ibex card +1.39%