Yesterday the small-cap Russell 2000 index tumble by nearly 4% which was its worst day since June 2022. Period today that index has rebounded by over 1.25% as traders reverse some of the declines.
A snapshot of the stock market major indices is showing (10 minutes into the open):
- Dow industrial average up 42.81 points or 0.11% at 38315.57
- S&P index is up 19.47 points or 0.39% at 4972.63
- NASDAQ index is up 85.61 points or 0.55% at 15741.21
The small-cap Russell 2000 index is currently up 25.82 points or 1.32% at 1990.26.
Some winners today include:
- Nvidia (surprise surprise), +1.96%
- Super Micro Computers, up $58 or 7.27%
- Celsius (the energy drink),+$3.53 or 5.9% on a positive review
- Meta, +$9.64 or 2.10%
- Arm Holdings, up 7.33%
- Coinbase, up $16.81 or 11.97% at $157.26. Bitcoin moved above the $52,000 level to $52,093 (currently trades at $51,814)
US yields are moving lower. Chicago Fed Pres. Goolsbee as usual dovish self. Adam also points out in a post that Fed chair Powell was also a little bit more dismissive about the rise in the CPI yesterday implying it was expected (see post here). As the Fed taken its eye off the inflation ball as growth continues to be strong? Or are they on the ball and see the future more clearly than the data?
Looking at the US your curve:
- 2-year yield 4.601%, -5.5 basis points
- 5-year yield 4.273% -4.5 basis points
- 10 year yield 4.290% -2.5 basis points
- 30-year yield 4.466% unchanged
