"And they're off!"
The gate is open and the horses have started their race around the track in the US equity markets.
The Dow and S&P are marginally higher. The NASDAQ index is lower.
There was a report that Apple was going to scale back their iPhone production is a result of lower demand. That has Apple shares moving to the downside. The price is currently down $6.06 or -4.0% at $145.68. The price is testing/moving below its 100 week moving average at $146.01. The low price for the year is still a ways away at $129.05 reached during the week of June 13, 2022
There was some relief off of the Bank of England decision to buy bonds to stave off a collapse in their debt market. But the GBPUSD is still down on the day after the spike higher failed to help the currency. Of course sharply lower interest rates in the UK may be now playing a role. The 30 year yield is down over 104 basis points at 3.925%. It traded as high as 5.12% just a few hours ago. The 10 year yield is at 4.03% down 44 basis points after reaching 4.582% at the highs today (both yields were cycle highs for their respective maturities).
A snapshot of the US stock market currently shows:
- Dow industrial average up 54 points or 0.18%
- S&P index up 2.1 points or 0.06%
- NASDAQ index down 30 points or -0.28%
In other markets:
- spot gold is trading up $16.26 or 1.0% at $1645.13
- spot silver is up $0.12 or 0.63% at $18.46
- WTI crude oil is trading at $79.46 that's up 1.38% on the day
- the price bitcoin is trading down toward $19,000 at $19,122
In the US debt market:
- 2 year yield 4.141%, -16.5 basis points
- 5 year yield 4.027%, -18.5 basis points
- 10 year yield 3.823% -13.9 basis points
- 30 year yield 3.759% -6.9 basis points