The major US stock indices are closing lower. In doing so, both the S&P and the NASDAQ index snapped winning streaks of 9 and 8 days respectively. Nevertheless, those were the longest streaks going back to 2021. It wasn’t a bad run.
A snapshot of the closing levels shows:
- Dow industrial average -220.61 points or -0.65% at 33891.67
- S&P index -35.48 points or -0.81% at 4347.31. The high price reached 4393.40. That got within 9 points of its 100-day moving average of 4402.05
- NASDAQ index -128.98 points or -0.94% at 13521.44. The price closed back below its 100-day moving average at 13615.12. The index closed above that moving average for 2 days, but could not extend above the high price from October 12 at 13714.14
Fed chair Powell poured cold water on the notion that the Fed has done enough. More specifically he said:
- We are not confident that we we achieved sufficiently restrictive policy
The comments sent yields further to the upside. They were already higher thanks to a horrible 30 year bond auction. A snapshot of the levels currently shows:
- 2-year yield 5.041% +10.5 basis points
- 5-year yield 4.659% +13.4 basis points
- 10-year yield 4.639% +13.2 basis points
- 30-year 4.776% +12.0 basis points.
The USD is ending the day as the strongest of the major currencies. The AUD is the weakest (risk off).
The USD is the strongest of the major currencies today
In other markets,
- Crude oil is trading up $0.21 or 0.28% at $75.55
- Gold is up $8.19% or 0.42% at $1957.76
- Silver is up $0.07 or 0.32% at $22.59
- Bitcoin moved got close to $38,000 at $37,978 but came off and is trading at $36,708 currently.