S&P index hold onto a small gain in early trading
The US stocks have opened with mixed results above and below the unchange levels from yesterday. The S&P index is holding onto a small gain. The NASDAQ and Dow industrial average have small losses.
Seven minutes into the opening the snapshot of the major indices are showing:
- S&P index up 3.11 points or 0.09% at 3434.39. The S&P index closed at a record level yesterday. Any gains today at the end of the day will be a another new record
- The NASDAQ index is trading down -5.06 points or -0.04% at 11374.65. Like the S&P it to close at a record level yesterday
- The Dow industrial average has given up their premarket gains and trades negative by -16.87 points or -0.6% at 28291.55. The Dow closed about 50 points away from its end of 2019 closing leve at 28358.44l.
The USD has moved lower in the early NY trading. The JPY still remains the weakest of the majors, but the USD has gotten closer at least.
- Spot gold is trading down $4.20 or -0.22% at $1924.69
- WTI crude oil futures are up $0.61 or 1.43% of $43.22 as strong storms head to the Gulf of Mexico
Yields continued to move higher with the yield curve steepening:
- 2 year, 0.163%, +1.2 basis points
- 5 year 0.307%, +2.5 basis points
- 10 year 0.699%, +4.5 basis points
- 30 year 1.4 0/7%, +5.1 basis points
US consumer confidence to be released at the top of the hour with estimates of 93 vs. 92.6. New home sales and the Richmond Fed will also be released. New home sales are expected to rise to 790K from 776K last month. The Richmond Fed manufacturing index for August is expected to remain unchanged at 10.
