The major US stock indices are moving lower led by the NASDAQ index which is trading down over 1.1%. Showing the expected retail sales (and industrial production) are sending yields higher. With the Fed decision upcoming on November 1, concerns that the Fed may go through with a 25 basis point hike is increasing.
Nvidia shares are taking the brunt of the heat with a decline of -5.68% after the US government said that they would restrict some exports of their (and other) chips due to security concerns.
A snapshot of the market currently shows:
- Dow industrial average -50.05 points or -0.15% at 33934.50
- S&P index -28.35 points or -0.65% at 4345.27
- NASDAQ index -147.89 points or -1.09% at 13420.10
Looking at US rates, they are higher after better retail sales :
- 2 year yield 5.177% +7.9 basis points
- 5 year yield 4.834% +11.7 basis points
- 10 year yield 4.827% +11.8 basis points
- 30 year yield 4.952% +8.6 basis points
Looking at the chip stocks:
- Nvidia $-26 or -5.76% of $434.18
- Intel is down $0.94 or -2.57% at $35.62
- AMD is down $-3.70 or -3.50% at $102.77
- Micron is down $1.05 or -1.49% at $68.03
- Broadcom is trading down $-21 or -2.3% at $882.03