The US PPI and initial jobless claims were stronger than expectations. Retail sales were weaker but markets are more focused on the higher inflation/stronger job growth. US rates are moving higher with the 2-year now up 5.7 basis points and the 10 year yield up 6.3 basis points.
All that has US stocks modestly higher but off their pre-market high levels.
A snapshot of the market currently shows:
- Dow industrial average up 55.25 points or 0.14% at 39098.58
- S&P index up 7.41 points or 0.14% at 5172.71
- NASDAQ index of 37.72 points or 0.23% at 16215.49
The S&P all-time high closing level reached on Tuesday is at 5176.50. The NASDAQ high closing level is at 16274.94.
Looking at the US debt market, yields are moving higher:
- 2-year yield 4.680% +5.7 basis points
- 5-year yield 4.262% +7.6 basis points
- 10 year yield 4.254% +6.3 basis points
- 30-year yield 4.396% +4.7 basis points
In other markets:
- crude oil is up 90% or 1.14% at $80.64. The high reached $80.77 reaching the highest level back in November 2023.
- Gold is down -$11.12 or -0.51% at $2163.15
- Bitcoin is lower at $71,948
The EURUSD is trading to new session lows and looks toward its 200 hour MA at 1.09089.
The USDJPY traded to a new high in the current hourly bar but still needs to get above the 38.2% of the move down from the Feb high at 148.157.
