The US yields are moving higher with the 2 year yield up 14 basis points at 4.117%. The 10 year yield is up less with a gain of 3 bps at 3.52%. That normally is bad news for stocks, but with the 2 year yield still down from 5.085% last week, and the 10 year down from 4.09%, the stimulus for stocks is still in play.
As a result, the major US indices are plowing to the upside:
- Dow Industrial Average is up 162 points or 0.51%
- S&P index is at 42 points or 1.05%
- NASDAQ index is up 200 points or 1.75%
Shares like Nvidia are running to the upside and up $9.47 or 3.91%. Microsoft is up 3.63%.
In other markets
- Crude oil is now higher on the day at $68.22, but the price is at $68.22 which is at the lowest level since December 2021. Of interest that technically is the price low this week reached $65.65. That did take the price below the 200 week moving average at $66.15 for the first time since February 2021. The price has since bounced back higher.