US major indices open mixed. Nasdaq higher as Nvidia soars

The major indices are opening mixed. NASDAQ higher as Nvidia soars after beating earnings and increasing revenue projections to $11B (from $7B this quarter). That was 50% greater than analysts expectations. It's all AI.

That's the good news. The not-so-good news is that the Dow industrial average is down for the 5th consecutive day as the odds on shifts to a Fed hike in June. Initial claims showed strong growth still. GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term was higher

There were comments before the opening that a deal could be done today on the debt ceiling. House Speaker McCarthy is now saying he is not so sure about that idea. That has led to some selling after the opening.

A snapshot of the market 9 minutes into the trading days showing:

• Dow industrial average -113.55 points or -0.35% at 32666.38
• S&P +18.02 points or 0.44% at 4133.25
• 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 +155.92 points or 1.25% at 12640.08

The S&P index still remains below the 4200 level. That level corresponds with the 100-week moving average. Last weekend earlier this week the price did extend above that level only to rotate back to the downside fairly quickly.

Looking at the US debt market, US yields are sharply higher:

• 2 year yield 4.458% +11.5 basis points
• 5 year yield 3.43% +9.6 basis points
• 10 year yield 3.769% +5.0 basis points
• 30 year yield 3.976% +1.2 basis points

The US treasury auction of 7 your notes later today at 1 PM.

Looking at other markets:

• Crude oil is down $2 or -2.70% at $72.33
• Gold is down $12.44 or -0.64% at $1944.90
• Silver is down $0.09 or -0.41% at $22.95
• Bitcoin is trading at $26,332 after trading as low as $25,878

The US dollar is higher and the strongest of the major currencies. The EURUSD is trading at the lowest level since March 21, and below a swing area between 1.07509 and 1.0805.

The USDJPY moved above the 50% midpoint at 139.574. It currently trades just above the level. BOJ Ueda, perhaps trying to slow the rise of the USDJPY, said that the BOJ may look to tweak the YCC. Watching down to 139.39 for support. If the price moves back below that level the break higher may find some profit-taking/downside probing.