Needless to say the major indices are trading higher in early New York trading after better-than-expected CPI. The gains are led by the NASDAQ which is up over 2% on the day. A snapshot of the market currently shows:

  • Dow industrial average up 445 points or 1.36% at 33219.78
  • S&P index up 66.31 points or 1.61% at 4188.79
  • NASDAQ index up 264 points or 2.11% at 12758.03
  • Russell 2000 up 34.14 points or 1.78% at 1947.03

US yields are lower led by declines in the short end as expectations for a 75 basis point hike get priced out of the market. Today the US treasury will auction off 10 year notes at 1 PM ET. Tomorrow they will auction off 30 year bonds at the same time.

  • 2 year yield 3.127%, -14.7 basis points
  • 5 year yield 2.864%, -9.9 basis points
  • 10 year yield 2.743%, -4.0 basis points
  • 30 year yield 3.007%, -1.3 basis points

Looking at other markets:

  • Gold is not really reacting to the lower dollar. It currently trades down $1 at $1793.
  • Spot silver is trading up 3.9 cents at $20.53
  • crude oil is trading back below the $90 level at $89.74
  • Bitcoin is running higher on risk on flows. It currently trades at $24,062.

In the forex, the USD is the weakest of the major currencies. The JPY is the strongest.

The strongest to weakest of the major currencies