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Home ANALYSIS

US stocks open lower. Nasdaq gives up pre-market gains but trying to rebound

A.R Chowdhury by A.R Chowdhury
April 7, 2022
Reading Time: 4 mins read
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The major US indices are opening lower. The  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 assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.

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 assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.
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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.

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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.

S&P

S&P index closed below its 200 day moving average yesterday

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
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A.R Chowdhury

A.R Chowdhury

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