And the bearish beat goes on in the US major indices

After tumbling 5% yesterday, the NASDAQ index 9 minutes into the opening is trading down in additional 2% today. The S&P and Dow are also down with declines over 1% and those major indices.

A snapshot of the market 10 minutes into the opening is showing:

• Dow industrial average -358.81 points or -1.09% at 32639.17
• S&P index -52.93 points or -1.28% at 4093.93. The low price from May 2 reached 4062.51. The low was the lowest level since May 2021. The low price at the time reached 4056.88.
• NASDAQ index -236.24 points or -1.92% at 12081.45. The price traded to the lowest level since November 30, 2020.
• Russell 2000-25.96 points or -1.39% at 1845.18

Focus now turns to Fed speak 2 days after the FOMC decision where they raised rates by 50 basis points, with the Fed chair saying the Fed is not looking to raise rates by 75 basis points. The market disagrees as they price a 83% chance of a 75 basis point hike at the June meeting. Below is the schedule of Fed speakers today:

Here's the agenda:

• 9:15 am ET Williams opening remarks at an event
• 11 am ET Kashkari in a fireside chat
• 3:20 pm ET Bostic in a commencement address
• 7:15 pm ET Waller and Bullard on a panel
• 8 pm ET Daly commencement address

In other markets as US stock trading gets underway shows:

• spot gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term up $0.77 or 0.04% at $1877.40
• spot silver Silver Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Read this Term $-0.17 -0.77% at $22.31
• WTI crude oil is in negative territory now down $0.67 at $108.90
• bitcoin is trading down the thousand dollars at $35,505

In the US debt market, yields are off there high levels and mixed with the shorter end lower

• 2 year 2.700%, -2.4 basis points
• 5 year 3.034%, +0.9 basis points
• 10 year 3.092%, +2.5 basis points
• 30 year 3.182%, +2.2 basis points