The major US indices are trading higher to start the day. Hopes for progress toward peace are helping to spur the gains.
Technicals also helping. Yesterday the S&P index also moved above - and closed above - its 100 day moving average for the first time since February 9.
Since January 19, there have been three closes above its 100 day moving average. The first two times, the price reversed the next day. If the price today can remain above its 100 day moving average of 4545.65 today it would be the first time that we've had back to back closes above the its 100 day moving average since early 2022.
A snapshot of the market 12 minutes into the opening is currently showing:
- Dow industrial average up 329.35 points or 0.94% at 32285.25
- S&P index up 36.23 points or 0.79% at 4611.74
- NASDAQ index up 160.89 points or 1.12% at 14515.79
- Russell 2000 up 32.41 points or 1.56% at 2110.47
In other markets:
- Gold is trading down $27 or -1.4% at $1894.79
- crude oil is back below the $100 level at $99.50. That's down $6.46 or -6.08%
- bitcoin is trading up about $636 at $47,788
In the US debt market, the yields are mixed with the two year up 2.5 basis points, but the 10 year down -4.7 basis points. The two – 10 year spread as a result has now to 5.8 basis points and dangerously close to negative levels. The two – 10 year spread going negative is often thought of as a prelude to a recession.