Gold down. US stocks down (except the MEME ones). Yields in US modestly lower.
As the North American session opens, the USD is the strongest currency. The AUD is the weakest as "risk off" flows is the flavor of the day. The US stocks are lower in pre-market trading sans the MEME stocks like GME, AMC, BB. Microsoft (up 1.8% was up 6% after earnings) is also higher but off post earnings levels as it followed the general stock market. Boeing and ATT earnings came out and their shares are lower. ATT did beat on the top and bottom line. Boeing missed. After the close today, Tesla, Facebook and Apple are the biggest names reporting. Gold is lower. US yields are also modestly lower with a modestly flatter curve. The FOMC decision is later today. The market is expecting Chair Powell to continue to keep stimulus the same until inflation starts to pick up and stay above 2% comfortably.
The ranges and changes for the day shows the major currencies at extreme levels (USD higher). That gain erases much/part of the declines seen in yesterday's trading as the ups and downs continue. The USDJPY and USDCHF ranges remain modest relative to peers and the 22 day averages. Their ranges are close to 30 pips. The EURUSD, GBPUSD, USDCAD and AUDUSD each have ranges of 61 to 68 pips.
In other markets a snapshot shows:
- Spot gold is is trading down $-9.80 or -0.53% $1841.20
- Spot silver is trading down $0.35 -1.38% $25.11
- WTI crude oil futures are trading down $0.15 or -0.29% of $52.37
- The price of bitcoin on Coinbase it is trading $-1108 from -3.46% at 30908.70
In the US stocks, the major futures indices are lower in premarket trading.
- S&P index is trading down 47 points after falling -5.74 points yesterday
- Dow industrial average down -320 points after yesterdays decline of 22.96 points
- NASDAQ index is currently trading down down 115 points after falling -9.96 points yesterday
In the European equity markets have moved back to the downside and what is an up and down week. Yesterday shares moved higher. Monday shares moved lower
- German DAX, -1.92%
- France's CAC, -1.5%
- UK's FTSE 100, -1.2%
- Spain's Ibex, -1.6%
- Italy's FTSE MIB -1.8%
In the US debt market, yields are marginally lower with a flatter yield curve:
The benchmark 10 year yields in Europe are trading marginally lower with German yields down the most at -1.6 basis points. Most of the other yields are down only modestly
