The USD is mixed
As the North American session begins, the JPY is the strongest and the CHF is the weakest. The USD is mixed with modest gains and losses vs the major currencies. US PPI will be released. The major stock indices continue to be a focus as win streaks and record closes pile on top of each other (Nasdaq is up 11 straight days). The Dow and S&P are lower while the Nasdaq is higher in pre-market trading. US yields are lower today. Oil prices are higher.
In other markets:
- Spot gold is trading near unchanged at $1824.50.
- Spot silver is down six cents or -0.26% at $24.35
- WTI crude oil futures are up $0.37 and $82.30
- Bitcoin surge to a new record high at $68,564.40. It is currently trading at $67,622.23.
In the premarket for US stocks, the Dow Jones and S&P index are trading lower while the NASDAQ has a modest gain. Highlights from yesterday included:
- NASDAQ closed higher for the 11th straight day
- Dow, Russell 2000 hit intraday record highs
- S&P closed higher for the eighth consecutive day
- NASDAQ index closed at a record high for the 44th times in 2021
- S&P index closed at record high for the 65th time in 2021
- Dow industrial average closed at a record high for the 44th time in 2021
The snapshot of the futures market implies:
- Dow industrial average -73 points after yesterday's 104.27 point gain
- S&P index -4 points after yesterday's 4.15 point gain
- NASDAQ index up 19.45 points after yesterday's 10.77 point gain
in the European markets, the major indices are mostly higher:
- German Dax +0.25%
- France's CAC +0.25%
- UK's FTSE 100 unchanged
- Spain's Ibex +0.5%
- Italy's FTSE MIB -0.2%
In the US debt market, yields are down across the board. The US treasury will auction off 30 and billion dollars of 10 year notes at 1 PM ET. The three year note auction was below average with a one basis point tail, and lower than average bid to cover.
Benchmark 10 year yields in Europe are also trading lower with the German yield down to -0.278%. It toyed with parity not long ago. France's 10 year is getting closer to the parity level at 0.065%.
