The major US stock indices are set to open lower. The declines would be the 3rd day in a row to start the month of May.
- Dow Industrial Average -73 points
- S&P index -12 points
- NASDAQ index -12 points
Yesterday the major indices moved lower led by the Dow industrial average:
- Dow industrial average fell -0.8%
- S&P index fell -0.7%
- NASDAQ index fell 0.46%
in the premarket trade today, regional banks remain under pressure
- The S&P regional bank ETF ( (KRE) is trading down $1.56 or -4.09%
- PacWest Bancorp is trading down $-2.69 or -41.90% as it looks for solutions to a capital raise (and looking to be the next victim)
- Zion Bancorp is trading down $1.55 or -6.84% in premarket trading
- Comerica is trading down $2.78 or -7.81%
- KeyCorp is trading down $0.75 a month 7.87%
Looking at the US debt market, the shorter end is moving lower but the longer end is staying elevated:
- 2 year yield is at 3.868%, -7 basis points
- 10 year yield is at 3.393% -0.9 basis points
- 30 year yield is at 3.737% up 2.3 basis points
The yield curve is steepening.
