major indices down over -0.6% on the day
US stocks closed yesterday in observance of the Martin Luther King day holiday. So today's opening is the first of the week and it is a weak one. Global growth concerns weigh as trade war has slowed growth in China. The IMF cut global growth yesterday. Yields are lower as a result and stocks are not liking the talking points either.
A snapshot of the major indices a few minutes into the opening is showing:
- S&P index, -19 points or -0.71% at 2651.90
- NASDAQ index -53 points or -0.74% at 7104
- Dow Jones -154 points or -0.62% at 24556
Yields in the US are lower with the five-year yield down -4.1 basis points
IN teh forex market, the CAD is now the weakest after the manufacturing and wholesale sales of data came out weaker than expected. The JPY remains the strongest on the "flight into the relative safety of the JPY" trade. The USD is higher verse the CAD, AUD, EUR, NZD and CHF. It is lower vs the GBP and JPY.
