NASDAQ index leads the way lower
As rates continue their move higher, and concerns about growth stocks increase, the NASDAQ index is taken the brunt of the downward momentum today. Having said that the S&P index is also down sharply while the Dow is the best performer but still in the red early New York trading. The Dow is down for the first time in five trading days. The NASDAQ index is down for its third consecutive day. The NASDAQ is on pace for its worst month since September 2020 just a few days left in the calendar month.
The snapshot of the market four minutes into the opening is showing:
- Dow industrial average -116.22 points or -0.35% at 34748
- S&P index down -37 points or -0.83% 4406.25
- NASDAQ index is down 202 points or will -1.35% at 14766.18
in other markets:
- Spot gold is trading down $13.63 or -0.78% at $1736.36.
- Spot silver is down $0.18 -0.85% at $22.40
- WTI crude oil futures are up $0.76 or 1.01% at $76.22
- Bitcoin is trading up $54 and $42,243
In the US debt market, the 30 year yield is now up 8.2 basis points and getting comfortably above the 2.0% level at 2.077%. The tenure yield is up 5.5 basis point of 1.539%.
In the forex, the USD has moved comfortably into the lead as the strongest of the major currencies. It is up the most versus the GBPUSD which is trending to the downside today. The GBP is the runaway weakest of the major currencies today.