The major US stock indices are opening with mixed results. The Dow Industrial Average is being supported by higher prices for Salesforce after they reported stronger than expected earnings and guidance. Salesforce shares are up 13.5% in early trading.
A snapshot of the major indices currently shows:
- Dow Industrial Average up 19.06 points or 0.06% at 32680.91
- S&P index -21.93 points or -0.55% at 3929.47
- NASDAQ index -101.45 points or -0.89% at 11278.0
- Russell 2000 is down -19.14 or -1.01% at 1879.28
Technically, the S&P index is opening below its 200 day moving average at 3939.85. The 100 day moving average is below at 3922.87. A move below each would be more bearish from a technical perspective.
US yields are higher:
- two year 4.935%, +4.6 basis points
- five year 4.330%, +6.5 basis points
- 10 year 4.0635% +6.7 basis points
- 30 year 4.02% of 6.6 basis points
The 10 year yield is getting a little bit more comfortable above the 4.00% level today. The yield has not been to these levels since November 10. The high yield for 2022 reached 4.335% back on October 21.
Meanwhile the two year yield reached 4.944% today. That is the highest it's been since June 2007. One year ago it was near 1.60%. At the beginning of March in 2021 it was at 0.141%. Oh how things have changed.
Looking at the Fed funds futures contract, the terminal rate in October is showing a rate just shy of 5.5%.
