Major indices open in the red
The US major indices are opening in the red, as investors fear a stronger economy/higher rates/the quicker taper. Meme stocks are also lower (with the exception of blackberry). AMC is down -6.6%, Game stop is down -5% and Bed Bath and Beyond is down -12.7%.
A snapshot of the markets currently shows:
- S&P index -23.8 points or -0.57% at 4184.92
- NASDAQ index -112 points or -0.81% at 13645
- Dow -173 points or -0.5% at 34428
The better data today sent the US dollar higher. It is the strongest of the major currencies. The AUD and NZD are neck and neck in the race for the weakest currency of the day.
The price of gold has moved further to the downside since the North American opening. It is currently down $-34.50 or -1.82% at $1873.59. That is just off the low price for the day $1873.22. The high price reached $1909.70.
The 10 year yield is now higher by 2.0 basis points at 1.6079%.
The Markit US services PMI for May (F) is do out at 9:45 AM ET. The preliminary came in at 70.1. The estimate is for that to remain at 70.1.
The more followed ISM services index for May will be released at the top of the hour with expectations of 63.2 versus 62.7 in April.