The major US indices are opening with gains of about 0.5% across the board. A snapshot of the market shows:
- Dow industrial average is trading up 202 points or 0.59% at 34301
- S&P index up 21.5 points or 0.50% at 4398
- NASDAQ index up to 76 points or 0.57% at 13540.51
Of course much will depend upon what Powell has to say and how the market interprets his thoughts. His speech begins at 10:05 AM ET. More hawkish and stocks move lower, and interest rates move higher. Less hawkish, and there could be a rebound from the sharp selling that we saw yesterday.
However, it was somewhat telling that Nvidia closed near unchanged yesterday after stellar earnings and is trading down today again by about $5 or -1.0% despite the gains in the major indices.
A look at the US interest rate market shows fairly steady yields versus the closes from yesterday:
- 2 year yield 5.034%, +1.6 basis points
- 5 year yield 4.422%, +1.6 basis points
- 10 year yield 4.243%, +0.8 basis points
- 30 year yield 4.306% +0.5 basis points
in other markets:
- Crude oil is trading up $1 or 1.28% at $80.06. Stay above the $79 level is more of a tilt to the upside
- Gold is trading down $2.50 or -0.15% at $1914
- Silver is up 2.4 cents or 0.10% at $24.12
- Bitcoin is trading at $26,192