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.