US stocks give up gains in the first hour of trading

It did not take long for the US major indices to turn back into the negative after running higher at the open.

• The Dow industrial average is now down -66 points or -0.2% at 33173.42
• S&P index is down -4.11 points or -0.10% at 4171.10
• NASDAQ index is down -37.85 points or -0.30% at 12452.89
• Russell 2000-6.90 points or -0.37% 1883.54

At the session highs,:

• Dow industrial average was up 352.38 points
• S&P was up 56.4 points
• NASDAQ index is up 213.05 points

The  NASDAQ  index is now back below the 38.2% retracement of the range since the pandemic low in March 2020. That level comes in at 12552.36. The swing low from March 2021 is the next target at 12397.05. As a point of reference the corrective move at the start of the pandemic saw the NASDAQ moved down -32.04%. The NASDAQ has fallen over 23% from its all-time high reached in November.

Needless to say markets are very volatile. There are a slew of  earnings  after the close including Meta, Ford, PayPal, Qualcomm, Pinterest, servicenow.