No shock. Major US stock indices open sharply lower. NASDAQ down 3%

The major US stock indices are - surprise, surprise - opening sharply lower. The declines the downside are led by the NASDAQ index which is down over 3%. Since the high price reached in November 2021, the index is now down over 37%.

The S&P index is down 2.2% then trading below the 3500 level for the 1st time since November 2020. The price is also below the 50% midpoint of the move up from the pandemic low. That level comes in at 3505.24. The S&P index is down -27.4% from its all-time high.

The Dow industrial average is the best performer with a decline of around 500 points. It is down 22.4% from its all-time high.

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

• Dow industrial average -529.64 points or -1.81% at 28681.22
• S&P index -80.16 points or -2.24% at 3496.88
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index -307.34 points or -2.95% at 10109.76
• Russell 2000-43.67 points or -2.59% at 1644.09

in the US debt market:

• 2 year yield 4.516%, +22.9 basis points
• 5 year yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term 4.304% +19.1 basis point
• 10 year 4.04% +14 basis points (highest level since October 2008)
• 30 year yield 3.974% +8.7 basis points

in other markets:

• Spot gold is down sharply as it reacts to higher rates and a higher dollar. It is currently down $-28 or -1.66% at $1645.07
• Spot silver is down $0.45 or -2.32% at $18.54
• Crude oil is trading at $86.97 that's down $0.30 on the day
• Bitcoin is trading at $18,387. The low price reached $18,183 which was the lowest level going back to September 21 20 reached $18,157