The major US stock indices are opening mixed/higher but off the higher levels from pre-market trading. The Dow industrial average is down while the S&P and NASDAQ index or higher.
A snapshot of the market currently shows:
- Dow industrial average -42.71 points or -0.13%
- S&P index up 9.26 points or 0.22% at 12493.63
- NASDAQ index up 62.10 point or 0.50% at 12493.63
- Russell 2000 up 9.67 points or 0.50% of 1944.96
Yesterday, the major indices snapped three day declines:
- Dow industrial average rose 0.18%
- S&P index rose 0.29%
- NASDAQ index rose 0.41%
Nvidia shares opening lower after cutting its outlook due to a slowdown in demand for gaming chips (-1.59%). Shares of Snowflake are higher (up 19%) after a more positive outlook from that enterprise software maker.
Software higher. Hardware lower.
Jackson Hole symposium gets underway with expectations for plenty of chatter from central bankers as a result. That could increase the market volatility . Tomorrow chair Powell speaks at 10 AM ET.
In the US debt market, yields are now trading lower:
- two year 3.337%, -2.3 basis points
- five year 3.197%, -3 point basis points
- 10 year 34102%, -0.7 basis points
- 30 year 3.30%, -1.2 basis points
Despite the declining yields, the US dollar has move higher in early US trading.
- EURUSD trades back below its 100 hour moving average of 0.9977 after breaking above in the Asian session and moving up to 1.0033.
- GBPUSD dipped back below its 100 hour moving at 1.1804. The high reached 1.1864.
- USDJPY after breaking below its 100 hour moving average and the Asian session, is moving back toward that moving average at 136.962> The price is trading above and below the 100 hour moving average of the last three trading days. Markets are waiting for the next shove and looking for the Jackson Hole Symposium to give it a shove (maybe).