Major stock indices open modestly higher after sharp falls in yesterday | Forexlive
The major US stock indices are opening marginally higher after yesterday’s tumble on the back of higher rates spurred on by Fed Powell’s more hawkish comments to the Senate Banking Committee.
Today the Fed chair speaks to members of the House of Representatives. He will have the opportunity to correct any mis-interpretation from the market’s reaction to yesterday. However, it seems the Fed is intent on raising by 50 basis points when they meet later this month.
A snapshot of the market currently shows:
- Dow Industrial Average up 8.51 points or 0.03% at 37864.98. Yesterday the Dow felt -1.72%
- S&P index up 2.21 points or 0.06% that 3988.57. Yesterday the S&P fell -1.51%
- NASDAQ index up 19.84 points or 0.17% at 11550.17. Yesterday the NASDAQ fell -1.25%
- Russell 2000 up 0.78 points or 0.04% at 1879.50. Yesterday the Russell 2000 fell -1.11%
In the US debt market, yields are lower across the curve. The two year is back below the 5% level after reaching a high of 5.085% earlier today. That high was a few basis point short of the January 2007 high at 5.107%. The 2006 high yield reached 5.283%.
- two year 4.988% -2.1 basis points
- five year 4.265% -5.1 basis points
- 10 year 3.909% -6.6 basis points
- 30 year 3.83% -5.8 basis points
- the 2– 10 year spread remains above the -100 basis points at 107 basis points currently