The major US stock indices are trading at session lows as European traders start to look for the exits for the week.

The NASDAQ index is now down around 1.3%. The S&P index is down -0.89%.

All the major indices are back below its 50 day moving averages after closing above those moving averages yesterday. Stay below those moving averages flips the short-term technical bias back to the downside.

NASDAQ index is below its 50 day moving average

A snapshot the market currently shows:

  • Dow industrial average is down -192 points or -0.55% at 34717.94. Its 50 day moving averages at 34833.65
  • S&P index is down -42 points or 0.94% at 4463.06. Its 50 day moving averages at 4482.78
  • NASDAQ index is down minus 187.49.2 -1.35% at 13737.25. It's a 50 day moving averages at 138801.45.

For the trading week:

  • Dow industrial average is up 0.39%
  • S&P index is up 0.11%
  • NASDAQ index is now down -0.21%.

US yields still remain higher:

  • 2 year 5.026% +1.2 basis points
  • 10 year yield 4.318% +2.8 basis points
  • 30 year yield 4.403% +1.8 basis points

The US 10 year yield is moving back toward its highs for the year up at 4.362%. That high surpassed the October 2022 high at 4.335% but only by a few basis points. The 10 year yield reached 4.336% today.

10 year yield
US 10 year yield walks toward highs from 2022/2023

Today's data releases for the US are as follows:

  • NY Fed Manufacturing: The actual index is at 1.90, which is a significant improvement from the prior period's -19.00, though it was expected to be -10.00.

  • Import Prices MM: The monthly import prices increased by 0.5%, surpassing the forecasted 0.3% and the previous month's 0.4%.

  • Export Prices MM: Export prices for the month rose by 1.3%, which is higher than the expected 0.4% and the previous 0.7%.

  • Industrial Production MM: Industrial production increased by 0.4% monthly, which is higher than the expected 0.1% and the prior 1.0%.

  • Capacity Utilization SA: The capacity utilization rate is 79.7%, slightly above the forecasted 79.3% and matching the prior period's rate.

  • Manuf Output MM: Manufacturing output for the month is at 0.1%, aligning with the forecast and slightly below the prior 0.5%.

  • Industrial Production YoY: The year-on-year industrial production is at 0.25%, a decline from the previous -0.23%.

  • U Mich Sentiment Prelim: The preliminary sentiment index from the University of Michigan is 67.7, lower than the expected 69.1 and the prior 71.2.

  • U Mich Conditions Prelim: The conditions index stands at 69.8, compared to the expected 75.3 and the prior 77.4.

  • U Mich Expectations Prelim: The expectations index is at 66.3, slightly above the forecasted 66.0 and below the prior 67.3.

  • UMich 1Yr Inf Prelim: The 1-year inflation expectation is 3.1%, down from the prior 3.3%. The 5 Yr Inf Prelim came in lower at 2.7% vs 2.9% last.

In summary, the US saw a mix of data, with some indicators like the NY Fed Manufacturing and import prices showing positive momentum, while others like the U Mich sentiment indices indicated a more cautious outlook.