Buckle up. Major US stock indices are opening lower. | Forexlive

The major stock indices are opening in negative territory. Overnight there was volatile trading as investors initially reacted positively to the guarantee of deposits above the $250,000 FDIC limit.

However, sentiment deteriorated as the fallout from the banking failures, concerns that this may be a catalyst to slower growth as regulations increase, capital becomes less available, venture capital firms come under pressure sapping innovation and productivity, etc. (there are plenty of storylines that the market will have to get through).

That – and more – has the stocks back leaning to the downside. The S&P is down around 1%. The Russell 2000 is down the most at -2.15%. The Dow Industrial Average is down about 0.6%.

A snapshot of the market four minutes into the open is currently showing:

• Dow Industrial Average -187.87 points or -0.59% at 31721.78
• S&P index -40.59 points or -1.05% at 3821.01
• NASDAQ index -88.86 points or -0.80% at 11050.03
• Russell 2000-38.15 points or -2.15% at 1734.55

Looking at the US yields, they are down sharply with the two year yield now down -51 basis points. The low yield reached 3.999% earlier this morning:

• 2 year yield 4.059%, -53 basis points
• 5 year 3.611% -34.2 basis points
• 10 year 3.473% -24.8 basis points
• 30 year 3.536% -16.5 basis points

Of note today, is that the S&P index is now negative on the year. At the end of 2022 the index closed at 3839.85. The prices currently trading at 3810.

The Dow Industrial Average turned back into negative territory last week. It is now down around -4.5% on the year.

For the NASDAQ index, it Below it’s 100 day moving average at 11138.86. On Friday the price closed just above the 100 day moving average. Stay below that moving average is more negative technically.