The broader S&P and NASDAQ index are down for the fourth consecutive day in early trading. Both those indices are lower for the sixth time in at seven trading days. The Dow industrial average is working on its third consecutive day to the downside.
A snapshot of the major indices 10 minutes into the opening are showing:'
- Dow industrial average down -193.41 points or -0.57% at 33618.00. The index lost nearly 1000 point on Friday
- S&P index down -33.63 points -0.79% at 4238.16
- NASDAQ index down -60.87 points or -0.47% at 12778.42
- Russell 2000 down -14.57 points or -0.75% at 1926.09
The NASDAQ index is 21.16% off of its all-time high. The S&P is -12.22% off of its all-time high.
Concerns about slower growth caused by higher rates are helping to push the stocks down. China is locking down sections of Beijing after just getting over the hump in Shanghai.
Meanwhile, the US Federal Reserve will be next week and are likely to raise rates by 50 basis points as they work to get rates toward the neutral level of 2% to 2.5%.
Lower stocks would likely take the fear out of 75 basis point hike out the market which is a minor bright spot, but Fed officials are adamant about moving rates off these low levels. US rates are lower in response to the lower stock market.
- 2 year yield is at 2.586% -8.7 basis points
- 5 year yield is at 2.811% -12.4 basis points
- 10 yield is at 2.787%, -11.6 basis points
- 30 year yield (which extended to 3.032% last week). Is trading at 2.871%, -7.9 basis points
