The major US indices are opening lower. The NASDAQ index and S&P indices gave up premarket gains and opened lower. However the NASDAQ is working its way back above the unchanged level in early trading.
The major indices are working on a two day losing streak. Over that time, the S&P and NASDAQ fell -2.2% and 4.4% respectively.
A snapshot of the market four minutes into the open currently shows:
- Dow industrial average down -160 points or -0.46% at 34336.48
- S&P index down 4.54 points or -0.10% at 4476.62
- NASDAQ index up 23 points or 0.17% 13912.62
- Russell 2000 up 2.66 points or 0.13% at 2019.60
The S&P index fell and closed back below its 200 day moving average yesterday at 4491.61 currently. Stay below that moving average keeps the bias more to the downside. The 38.2% retracement of the move up from the March low comes in at 4437.65. That would be the next downside target on the daily chart.
In other markets….
- Spot gold is trading up to dollars and $0.49 or 0.13% at $1929.22
- WTI crude oil is trading up $1.12 at $97.35
- Bitcoin is trading at $43,517.97
In the US debt market, yields are mixed and the yield curve steeper as the Fed will start balance sheet run off at the next meeting:
- 2 year 2.455%, -2.1 basis points
- 5 year 2.694%, +1.0 basis points
- 10 year 2.647%, +4.6 basis points
- 30 year 2.693%, +6.4 basis points
- 2– 10 year spread, +19 basis points
