NASDAQ lags but is still higher
The major US indices are opening higher on confidence from vaccine, Yellen, smooth transition. The Dow industrial average is leading the way once again followed by the S&P. The NASDAQ index lags but is still higher on the day at the opening.
A snapshot of the major indices currently shows:
- Dow industrial average up 290 points or 0.90% at 29887
- S&P index up 26 points or 0.72% at 3603.75
- NASDAQ index up 52 points or 0.45% at 11932.65
in other markets as stocks begin trading:
- Gold is getting smashed for the 2nd consecutive day and trades toward the $1800 level. The price is down $31.30 or -1.7% at $1806.
- Spot silver is also getting hurt. It is down $0.45 or -1.94% $23.13. The low price did extend below the $23 level to $22.93
- Bitcoin is a beneficiary and may be the new gold. Bitcoin on the Coinbase exchange is trading up $860 at $19,281. The all-time high price on coin base reached $19,891.99.
- WTI crude oil futures for January delivery are up about $1 or 2.2% at $44.02
In the US debt market, yields are mixed with a steeper yield curve:
- 2 year, 0.158%, -0.1 basis points
- 5 year 0.390%, +0.6 basis points
- 10 year 0.868%, +1.4 basis points
- 30 year 1.581%, +2.8 basis points
In the forex, there has been a shuffle of the strongest and weakest currencies from the opening New York levels. The AUD has taken over as the strongest of the majors from the NZD. The JPY is now the weakest (was the CHF at the NY opening snapshot). The USD has seen some gains vs. the EUR, GBP, JPY. The greenback remains lower vs. the AUD and NZD but still way off the highs.
