Major U.S. stock indexes were slightly higher in early trading in the United States. The Nasdaq fell about 1.8% yesterday, but the Russell 2000 index of small-cap stocks rose more than 3%.
This image of the market taken nine minutes after the open shows:
- The Dow Industrial Average rose 156.41 points, or 0.39%, to 39,910.17.
- The Standard & Poor’s 500 Index rose 11.70 points, or 0.21%, to 5,596.25.
- The Nasdaq Composite Index fell 35.67 points, or 0.20%, to 18,319.08.
The Russell 2000 index of small-cap stocks rose 24.18 points, or 1.14%, to 2,149.22.
A look at the Magnificent Seven:
- Meta Platforms -2.62%
- Amazon -0.18%
- Nvidia +0.92%
- Alphabet +0.32%
- Apple +1.09%
- Microsoft -0.35%
- Tesla +0.17%
Several banks reported earnings this morning, including JPMorgan. Although their shares are trading lower today:
Bank stocks fall despite earnings beat
Looking at the US debt market, yields are mixed as shorter-dated bonds end up higher and longer-dated bonds are lower as the market braces for Fed cuts (?). The spread between 2-10-year bonds is at its highest since May 3, while the spread between 2-30-year bonds is at its highest since February 1.
- 2-year yield 4.491%, -1.8bps.
- 5-year yield 4.131%, +0.9bps
- 10-year yield 4.210%, +1.7bps
- 30-Year Bond Yield 4.423%, +2.0bps
In other markets,
- Crude oil is down from its highs but still trading at $83.00, up $0.40. Today’s high was $83.74
- Gold is trading down $14.39 or -0.60% at $2,400.50.
- Bitcoin is trading at $57,576, little changed on the day.
The US dollar fell after rising after the PPI data, but it is volatile.
- The USD/JPY pair rose for the second time this week (yesterday it did the same) above its 61.8% retracement level of its move up from the June low to the June high at 157.36.
- EUR/USD rose to retest yesterday’s high at 1.0900 (yesterday’s high was 1.08985). Today’s high extended to 1.08974 just a short distance from that level. Current price is trading at 1.0893.