Bad news is good news for inflation/Fed
The US stocks are opening higher despite the weaker than expected retail sales. The market is in a bad news is good news as weaker data gives the Fed more confidence to keep the pedal to the metal, and could lead to lower inflation too. The 10 year yield is lower by -2.2 basis points and -3.4 basis point in the 30 year.
The snapshot of the market currently shows:
- S&P index +33.5 points or 0.81% at 4145.50
- NASDAQ index up +147 points or 1.11% at 13270.83
- Dow up 195 points or 0.57% at 34210
in other markets:
- Spot gold is up $11.65 or 0.63% at 1838.50
- Spot silver is up $0.25 or 0.94% $27.34
- WTI crude oil futures are up $0.95 or 1.43% at $64.74
- bitcoin is up $1291 or 2.6% at $50,626
In the Forex, the NZD remains as the strongest of the major currencies, while the USD also remains as the weakest of the majors (they were the leaders at the start of the NA day
and have increased their dominant positions).