A major US indices are trading higher in early US trading with the NASDAQ and leading the way. A snapshot of the market a minute into the open showing:
- Dow Industrial Average was up 161.09 points or 0.42% at 38836.78.
- S&P index of 28.57 points or 0.56% at 5156.37.
- NASDAQ index up 104.08 points or 0.64% at 16260.50.
The small-cap Russell 2000 is trading up 18.18 points or 0.89 percent at 2053.90.
Looking at the US debt market, yields are little changed after trading lower early in the day:
- 2- year yield 4.809%, +0.4 basis points
- 5-year yield 4.485%, +0.3 basis points
- 10 year yield 4.501%, +0.2 basis points
- 30-year yield 4.63%, +0.3 basis points
The economic calendar is void of any releases today. The UK is on holiday.
We do have fed speakers:
- Richmond Fed Pres Barkin speaks at 12:50 PM ET.
- NY Fed Pres. Williams speaks at 1 PM ET
Last week the Federal Reserve Rates unchanged. Fed Chair Powell was thought to be less hawkish saying that he does not expect a rate hike – taking that off the table at least for now.
His view was somewhat supported by the weaker US jobs report on Friday which sought non-farm payroll jobs increased by 175K versus 238 Ks fit. The unemployment rate ticked up to 3.9% from 3.8% while the average YoY declined to 3.9% its lowest level since early 2021.
