Major indices trading higher in early US trading. NASDAQ index leads the way | Forexlive
The major stock indices are higher in early US trading. The gains are led by the NASDAQ index. That index is currently trading higher for the week by 0.66%. A close in the positive territory would be the 7th consecutive weekly gain. That has not been done since November 2019.
A snapshot of the markets currently shows:
- Dow industrial average up 40.98 points or 0.12% at 33874.60
- S&P index up 16.67 points or 0.39% and trades back above the 4300 level at 4310.59
- NASDAQ index up 97.89 points or 0.74% at 13336.42.
The small-cap Russell 2000 is down -1.59 points or -0.08% at 1879.19.
Tesla shares are up for the 11th consecutive day after announcing a partnership with GM on their charging stations. The stock is currently up $13 or 5.56% at $247.92.
- Microsoft is trading up 0.69%
- Nvidia is up 1.85%
- Adobe is trading to the highest level since April 2022. It is shares are up 5.5%. The shares were upgraded in premarket. Adobe will announce her earnings next week (April 15)
Looking at US yields, they continue to move to the upside and position for the CPI data on Tuesday (expectations 0.2%), and the Fed decision on Wednesday. The year-on-year CPI is expected to fall to 4.2% from 4.9%.
- 2-year yield 4.593% +7.7 basis points
- 5-year yield 3.928% +7.3%
- 10-year yield 3.770% +5.6 basis points
- 30-year yield 3.916% +3.3 basis points
The treasury will need to auction off a ton of debt to make up for the shortfall as the debt ceiling details were ironed out. Backing up yields is one way of attracting demand. The 2-year yield is up from 4.505% at the close on Friday last week. The 10-year yield is up from 3.696% last Friday.