Retrace much of the gains from yesterday.
the major US stock indices are opening with sharp declines. The declines retrace much of the rally from yesterday's trade. Recall that yesterday the
- Dow rose over 1100 points,
- the S&P index rose by 120 points and
- the NASDAQ index rose by 317 points.
Today the snapshot of the major indices is currently showing:
- Dow, -663 points
- S&P index -72 points
- Nasdaq down -187 points
The premarket levels were weaker than they are currently. However there tends to be a lot of volatility in the first few minutes of trading.
A snapshot of the other markets currently shows:
- 2 year yield 0.567%, -1.2 basis points. The market is pricing in up to a 50 basis point cut at the March FOMC meeting
- 10 year yield 0.940%, -11.1 basis points
- spot gold is trading up $21 or 1.3% $1658
- WTI crude oil futures are trading up $0.12 or 0.28% at $46.91.
In the forex market the JPY and CHF remain the strongest. The AUD is now the weakest ahead of the CAD. The AUDUSD has broken to new session lows over the last hour so of trading.
