The major US stock indices are opening higher led by Microsoft which is trading up 7%. Boeing is also higher (up 4%) on positive forward guidance. A snapshot of the market currently shows:
- Dow Industrial Average is trading up 66.93 points or 0.20% at 33597.77
- S&P index up 8.6 points or 0.21% at 4080.22
- NASDAQ index up 95.75 points or 0.81% at 11894.91
- Russell 2000 is it down -1.68 points or -0.10% at 1744.41
While Microsoft and Boeing are higher, shares of Google are marginally lower after their earnings release after the close yesterday (-0.26% currently). Meanwhile, shares of First Republic are down another 19.63% at $6.51 as concerns about their deposit base continues to weaken their shares (the trading has been halted). The run lower in the dollar is a bit confusing given the banking concerns that still loom. Recall from yesterday the dollar moved sharply to the upside on flight to safety concerns.
US yields are trading back near unchanged levels across the curve with the two-year at 3.895%. The 10 year is at 3.397%. The 2 year yield reached a high of 3.965% while the 10 year reached a high of 3.439% earlier today. There is some flight to safety in the US debt market.
- Crude oil is down $0.77 at $76.30. It is also broken back below its 100 day moving average at $76.81 and looks toward filling the gap from March 31 at $75.70.
- Bitcoin moved back above the $30,000 level to $30,022, but has rotated back to $29,697 currently. That is still up 5% on the day
- Spot gold is trading up $7.53 or 0.37% and is back above the $2000 level at $2004
After the close Meta and ServiceNow will report earnings, but there is a long way to go until then.
