The major US stock indices are opening lower with the NASDAQ index leading the way. Concerns about higher rates/tighter Fed policy weighing on shares. UK inflation came in higher-than-expected 10.1% year on year versus 9.8% expected. Inflation remains sticky there. "Sticky" is a word fed officials like to use as well. Fed Bullard yesterday said he sees a terminal rate of 5.75%. Feds Waller said inflation remains a problem and he sees for the rate hikes ahead. On the other side, Fed's Bostic prefers to raise by 25 basis points and then see what happens.
A snapshot of the stock market 5 minutes into the open is currently showing:
- Dow industrial average is down -106.97 points or -0.31% at 33869.67
- S&P index is down -17.56 points or -0.42% at 4137.30
- NASDAQ index is down -66.99 points or -0.55% at 12086.42
- Russell 2000 is down -11.09 points or -0.62% at 1784.409
In the US debt market, yields are higher:
- 2 year yield 4.241%, +4.1 basis points
- 5 year yield 3.717%, +4.2 basis points
- 10 year yield 3.608%, +3.6 basis points
- 30 year yield 3.804%, +1.6 basis points
A snapshot of the markets as a stock trading gets underway shows:
- Spot gold is down $21.08 or -1.08% at $1983.50
- spot silver is down $0.06 or -0.24% and $25.10
- WTI crude oil is trading down $1.40 or -1.74% at $79.49
- the coin is sharply lower trading at $29,269 after trading near $30,400 near 5 PM yesterday
The USD was the strongest of the major currencies coming into the day, but is seeing some selling in the early US trading.
- EURUSD is trading back near it's a 200 hour moving average at 1.0953. The low price reached 1.09165 which was short of the low from Monday strata 1.0908. A swing area between 1.0925 and 1.09438 remains a swing area barometer for buyers and sellers
- GBPUSD moved higher after the CPI data earlier today, but then rotated back lower trading to a new session low at 1.23996 (call it 1.2400). The price is now back near the 200 and 100 hour moving averages at 1.2424 – 1.2495. The price trades above those levels at 1.2448 as the ups and downs continue in that pair
- The USDJPY traded up to a swing area between 1.3511 and 1.3536. The high price reached 135.13 and that was it. The price is trading at at 134.285.
