Nasdaq leads the way.
The US stock market is opening mixed:
- S&P indexes down -2 points
- NASDAQ indexes up 12 points
- Dow industrial average is down 62 points
- Microsoft is a $2.37 or 2.3% after better-than-expected earnings released after the close.
- Trump says he is ready for 500B of tariffs on China goods. The squeeze is on there.
- Trump also double down, about comments about rates and the value of the dollar.
The call by Pres Trump for the Fed to stop hikes has led to the yield curve steepening. The 30 year is up 3.9 basis points, and the 10 year is up 2.8 basis points, while the two-year is down -0.4 basis points.
Banks are doing better as a result.
- J.P. Morgan is up 0.84%
- Citigroup as of 0.54%
Fed's Bullard also commented today that the Fed should slow the rate hikes to keep the yield curve from inverting. The 2-10 spread is up to pushing 28 bps (I think it moved to a low of around 24 bps).