The US major indices are opening lower with the NASDAQ index as the biggest laggard. The NASDAQ index fell -209 points yesterday and is adding on another -120 point decline in early trading today. The Federal Reserve Rates Rates unchanged yesterday but expects another rate hike in 2023 and raised their expectations for the end of 2024 Fed funds rate to 5.1% from 4.6%. The new term from analysts is "higher for longer".
US yields are higher with the 10-year yield up 12.7 basis points. The 2-year yield is up 4.1 basis points.
A snapshot of the market 3 minutes into the open is showing:
- Dow industrial average -200.83 points or -0.58% at 34240.06
- S&P -35.08 points or 0.80% at 4367.13
- NASDAQ index -141.18 points or -1.05% at 13327.95
looking at the yield curve:
- 2 year yield 5.156% +3.7 basis points
- 5 year yield 4.617% up 10.4 basis points
- 10 year yield 4.469% up 12.2 basis points
- 30 year yield 4.532% up 13.2 basis points
in other markets:
- Crude oil has reversed higher and it is now trading up $0.92 at $90.58 up 1.03%
- Spot gold is lower by -$13.87 or -0.72% at 1916.93
- bitcoin is trading back below the $27,000 level at $26,508 today