The opening bell has sounded, and the S&P and NASDAQ are off to a positive start after closing at record levels yesterday. The Dow industrial average is down. The PPI and weekly claims data was on the soft side leading to lower yields. However, there may be some concern that the Fed who was more hawkish/less dovish may be late to the party in cutting rates. That may have a negative impact on employment/growth/economy/earnings and give stock buyers cause for pause. So although the S&P and NASDAQ are higher, they are off their premarket highs.
A snapshot of the market currently shows:
- Dow Industrial Average average is trading -153 point or -0.40% at 38563
- S&P index is trading up 10.0 points or 0.19% at 5431
- NASDAQ index is trading up 87 points or 0.50% at 17696.
The small-cap Russell 2000 is trading down -3.7 points or -0.18% at 2053.35 despite the lower yields (concerned about growth).
Apple has overtaken Microsoft as the largest capitalized firm. Both are near $3.29 trillion. Apple shares were up 1.24%. Microsoft shares are down -0.26%.
Nvidia shares are up 3.04%, Alphabet is down -1.20% and Meta is down -0.45% in early US trading. Tesla is up 6.55% after the reported approval of Elon Musks $50+ billion pay package.
Broadcom shares are $35 or 15.8% at $1731 after earnings the expectations and the company announced a 10 for 1 stock split after the close yesterday.
Looking at the US debt market, yields have moved lower after the softer data today:
- 2 year yield 4.707%, -4.3 basis points
- 5-year yield 4.266%, -2.5 basis points
- 10 year yield 4.273%, -2.2 basis points
- 30-year yield 4.444%, -0.6 basis points
Remember, the U.S. Treasury will auction 30 year bonds at 1 PM ET after taking yesterday off ahead of the Federal Reserve rate decision.
