Solid opening as traders continue to flow into equities
The major indices are opening at record high levels as investors continue to pile into equities. The market seems to be comfortable with the geopolitical risks. Be aware, however, that the earnings season starts in earnest next week with the traditional banks leading the charge. Also, tomorrow is the monthly release of US employment statistics. The expectations are for a gain of 160K.
A snapshot of the major indices a few minutes into the opening is showing:
- S&P index is trading up 18.4 points or 0.57% at 3271.14
- NASDAQ index it is trading ups 80 points or 0.88% at 9209.26
- Dow industrial average is trading up 140 points or 0.50% at 28888
In other markets,
- US yields are now trading higher. The 2 year yield is up 2 basis points at 1.60%. The 10 year yield is up 1.9 basis points at 1.893%
- Spot gold is trading down $6.50 or -0.42% at $1549.90. The low reached $1540.33. The high extended to $1561.39
- WTI crude oil futures are trading down $0.14 or -0.23% at $59.47. The low price extended to $59.26. The high price did breach back above the $60 level at $60.31.
In the forex market the CHF remains the strongest currency and the NZD is the weakest. The GBP is still lower but is off the lows for the day.
